Free Ontario Calculator

How Much House Can I Afford in Ontario? (2026)

Province-scoped defaults pre-loaded for Ontario: 0.72% property tax rate (Toronto), $179/mo electricity (Toronto), and Ontario closing costs. All figures are editable — enter your own numbers for accuracy.

All defaults are estimates — enter your own figures. The interest rate shown is a typical 5-year fixed rate as of July 2026. Rates change frequently; use the rate from your pre-approval or your lender's quote.

Ontario Closing Costs at a Glance

Land/Transfer Tax: Ontario charges a provincial Land Transfer Tax (LTT) on a marginal rate schedule: 0.5% on the first $55,000, scaling up to 2.5% on amounts over $2,000,000. Toronto adds a second municipal LTT (MLTT) at similar rates.

First-Time Buyer: First-time buyers in Ontario get a provincial LTT rebate of up to $4,000 (no provincial tax on the first ~$368,000). Toronto first-time buyers also get an MLTT rebate of up to $4,475 — up to $8,475 combined.

↓ Affordability|↓ Payment & Schedule|↓ Stress Test

Module 1 — What Can I Afford?

Your Finances

Annual Household Income

Total Monthly Debt Payments

Car loans, student loans, credit card minimums — exclude housing costs.

Down Payment

Mortgage Terms

Interest Rate(typical 5-yr fixed, July 2026 — enter your quoted rate)

Amortization

Monthly Housing Costs (Estimates)

Property Tax

Heat / Hydro

Condo Fees (if applicable)

50% of condo fees is included in GDS per CMHC guidelines.

Maximum Purchase Price

$572,000

Limited by GDS ratio at qualifying rate of 7.00%

At Contract Rate (5.00%)

Down Payment

$100,000

Mortgage (before CMHC)

$472,000

CMHC Premium

Added to mortgage — price is insured (< $1,500,000)

$13,216

Total Mortgage

$485,216

Monthly Payment

Principal + interest only, at contract rate

$2,822.04

Debt Ratios at Max Price

GDS Ratio

Should be ≤ 39% (at contract rate for display)

33.2%

TDS Ratio

Should be ≤ 44% (at contract rate for display)

33.2%

Qualifying Rate (stress test)

max(5.00% + 2%, 5.25%) — used to compute max price

7.00%

Min. Down Payment

Minimum required for this price

$32,200

Note: GDS/TDS ratios shown at the contract rate. Qualification uses the stress-test rate above. These are standard OSFI/CMHC insured guidelines — your lender may apply different thresholds.

Module 2 — Payment, Schedule & Prepayment

Mortgage Details

Home Price

Down Payment

Interest Rate(July 2026 estimate)

Amortization

Payment Frequency

Prepayment (Optional)

Lump-Sum Payment (Year 1)

Extra Per Payment

Applied in addition to your regular payment each period.

Monthly Payment

$2,791.70

Total interest: $357,511

Loan (before CMHC)

$480,000

Total Mortgage

$480,000

Monthly Payment

$2,791.70

Total Paid

$837,511

Total Interest

$357,511

Year-by-Year Amortization Schedule

Year	Opening Balance	Principal	Interest	Closing Balance	Cum. Interest
1	$480,000	$9,971	$23,530	$470,029	$23,530
2	$470,029	$10,476	$23,025	$459,554	$46,554
3	$459,554	$11,006	$22,495	$448,548	$69,049
4	$448,548	$11,563	$21,937	$436,985	$90,986
5	$436,985	$12,148	$21,352	$424,836	$112,338
6	$424,836	$12,764	$20,737	$412,073	$133,075
7	$412,073	$13,410	$20,091	$398,663	$153,166
8	$398,663	$14,089	$19,412	$384,574	$172,578
9	$384,574	$14,802	$18,699	$369,773	$191,277
10	$369,773	$15,551	$17,949	$354,221	$209,226
11	$354,221	$16,338	$17,162	$337,883	$226,388
12	$337,883	$17,165	$16,335	$320,718	$242,723
13	$320,718	$18,035	$15,466	$302,683	$258,189
14	$302,683	$18,947	$14,553	$283,736	$272,742
15	$283,736	$19,907	$13,594	$263,829	$286,336
16	$263,829	$20,914	$12,586	$242,914	$298,922
17	$242,914	$21,973	$11,527	$220,941	$310,449
18	$220,941	$23,086	$10,415	$197,855	$320,863
19	$197,855	$24,254	$9,246	$173,601	$330,110
20	$173,601	$25,482	$8,018	$148,119	$338,128
21	$148,119	$26,772	$6,728	$121,346	$344,856
22	$121,346	$28,128	$5,373	$93,219	$350,229
23	$93,219	$29,552	$3,949	$63,667	$354,177
24	$63,667	$31,048	$2,453	$32,619	$356,630
25	$32,619	$32,619	$881	$0	$357,511

Canadian semi-annual compounding (as required by law for fixed-rate mortgages). Values rounded to nearest dollar.

Module 3 — Stress Test Check

Will you pass the OSFI mortgage stress test? Enter your details to see your GDS/TDS ratios at the qualifying rate and the maximum mortgage you'd qualify for.

Annual Household Income

Monthly Non-Housing Debts

Home Price

Down Payment

Contract Rate(July 2026 estimate)

Amortization

Est. Property Tax (monthly)

Est. Heat / Hydro (monthly)

✓ Likely Passes

Stress-test qualifying rate: 7.00%

At Qualifying Rate (7.00%)

Monthly Payment (at MQR)

$3,362.00

GDS Ratio

Must be ≤ 39%

38.6%

TDS Ratio

Must be ≤ 44%

43.6%

Max Qualifying

Max Mortgage at MQR

$485,426

Max Purchase Price

$605,426

This is an estimate using standard OSFI B-20 GDS/TDS thresholds (39%/44%). Your lender may apply different criteria. “Likely passes” means you meet the ratio thresholds — your lender will also assess credit score, employment history, and other factors.

Property Details — shared by Modules 4 & 5

Purchase Price

Down Payment

$140,000 (20.0%)

Province

Amortization

Affects CMHC surcharge (30yr = +0.20%).

First-time buyerNew build (not resale)City of Toronto (add MLTT)

Module 4 — Total Cash to Close

Every dollar you need on closing day — down payment + taxes + fees + estimates. Estimate lines are editable and labeled.

Closing Cost Estimates (all editable)

Legal / Notary Fees (estimate)

Typically $1,200–$2,500 depending on province and complexity.

Title Insurance (estimate)

Lender title insurance is required in most cases (~$250–$600).

Home Inspection (estimate)

Strongly recommended for resale; typically $400–$700.

Adjustments (prepaid taxes/utilities)

Seller-prepaid property tax or condo fees — your lawyer will calculate.

Total Cash Needed to Close

$148,875

Down Payment

20.0% of purchase price

$140,000

Ontario Land Transfer Tax

$10,475

Ontario first-time buyer rebate

−$4,000

Legal / Notary Fees

Estimate — editable above

$1,500

Title Insurance

Estimate — editable above

$400

Home Inspection

Estimate — editable above

$500

Total Cash to Close

$148,875

Estimates only. Your lawyer's Statement of Adjustments is the authoritative figure. Verify all line items before signing.

Module 5 — First-Time Buyer Incentives

Incentives you may qualify for based on the details entered above. Verify eligibility at canada.ca before relying on any figure.

Total quantifiable incentives

$5,500

LTT rebate $4,000 + HBTC credit $1,500. FHSA and HBP savings are additional and depend on your contributions.

Federal First-Time Home Buyers' GST Rebate

Not applicable — resale home. The FTHB GST rebate only applies to new builds (GST is not charged on resale homes). Toggle “New build” above to model a new construction purchase.

Land Transfer Tax — First-Time Buyer Rebate

$4,000 LTT savings

Ontario first-time buyer rebate up to $4,000 (full exemption on homes up to ~$368,000).

Ontario rebate max: $4,000. Toronto MLTT rebate max: $4,475 (stacks → up to $8,475 in Toronto).

First-Time Home Buyers' Tax Credit (HBTC)

$1,500

Non-refundable federal tax credit

Claim up to $10,000 on your tax return for the year of purchase → $10,000 × 15% = $1,500 credit. Splittable between co-buyers (total ≤ $10,000). Reduces tax payable; no refund if no tax owing.

First Home Savings Account (FHSA)

$8k/yr

Tax-deductible contributions

Up to $8,000/year, $40,000 lifetime. Contributions reduce your taxable income (like RRSP).

Tax-free

Qualifying withdrawal

Withdrawals for your first home are fully tax-free, including investment growth. Combine with the HBP for the same home purchase.

RRSP Home Buyers' Plan (HBP)

$60,000 per person

Withdraw from RRSP tax-free

Up to $60,000 per person ($120,000 per couple) withdrawn from RRSP tax-free for a first home. Repay over 15 years. For 2026+ withdrawals, repayment starts the 2nd year after. Combinable with FHSA for the same purchase.

Verify eligibility. Incentive rules change. Confirm all amounts and eligibility requirements at canada.ca before relying on any figure. This is an estimate tool — not tax or financial advice. All figures verified July 2026.

Module 6 — Monthly Cost of Ownership & Budget

Every estimate is pre-filled from provincial averages and is editable — enter your own figures for accuracy. All utility and insurance defaults are estimates as of 2026-07; your actual costs will vary.

Estimates only. Utility costs, property tax rates, and insurance premiums vary by location, home size, and provider. Use these defaults as a starting-point budget, not an authoritative projection.

Property & Mortgage

Purchase Price

Down Payment

$560,000 loan

Province

Interest Rate (estimate)

Typical 5-yr fixed as of July 2026 — enter your rate

Amortization

Estimated monthly mortgage payment

$3,497

$560,000 loan at 5.74% / 25 yr — Canadian semi-annual compounding. For exact figures, use Module 1/2 above.

Monthly Cost Estimates (all editable)

Property Tax Rate (estimate, % of assessed value)

Toronto {0.72%} — Zoocasa 2024 estimate. Assessment practices vary significantly by province — this rate applied to the purchase price may not match your actual tax bill.

Electricity (estimate)

Toronto average at 1,000 kWh/mo incl. tax — Hydro-Québec comparison report, rates as of Apr 1 2025. Your actual usage will vary with home size and lifestyle.

Heating Fuel Type

Heating (estimate — Natural gas)

Carbon charge removed Apr 1 2025. Rates vary by utility and climate zone.

Water & Sewer (estimate)

~$75–$100/mo combined typical — varies significantly by municipality.

Home Insurance (estimate)

Estimate only — national avg ~$112/mo (Ratehub/PolicyMe 2026). Get a real quote — rates vary greatly by home age, type, location, and deductible.

Condo / Strata Fees (if applicable)

Enter your actual fee from your purchase agreement. Typical range: $300–$700/mo (~$0.50–$1.00+/sq ft/mo).

Add Your Own Monthly Expenses (phone, internet, car, groceries, savings…)

No custom lines yet. Add expenses to build your full household budget.

Estimated Total Monthly Cost of Ownership

$4,423

All figures are estimates. Enter your own values in the inputs above for a more accurate picture.

Monthly Breakdown

Estimates as of 2026-07 — all lines are editable above.

Mortgage payment

$560,000 at 5.74% / 25 yr (Canadian semi-annual compounding) — from Module 1/2 for exact figures

$3,497

Property tax

0.72% rate × $700,000 ÷ 12 — Zoocasa 2024 estimate. Actual bill depends on assessed value, not purchase price.

$420

Electricity

Toronto average, 1,000 kWh/mo incl. tax — Hydro-Québec comparison, Apr 2025

$179

Heating (Natural gas)

Year-averaged estimate — Canada Energy Regulator.

$97

Water & sewer

~$75–$100/mo estimate — varies by municipality

$85

Home insurance

Estimate only — get a real quote. Rates vary by home, location, and insurer.

$145

Total monthly

$4,423

Spending Breakdown

Housing (mortgage + tax + insurance + condo): $4,062 (92%)Utilities: $361 (8%)

What's Left Each Month (optional)

Monthly Take-Home Income (after tax)

Enter your household net pay per month.

All cost-of-ownership figures are estimates based on provincial averages as of 2026-07. Utility costs depend on home size, age, local rates, and usage. Property tax depends on your municipality's assessed value — which may differ significantly from the purchase price. Insurance premiums vary by insurer, home type, and risk factors. Get real quotes before making financial decisions. Not financial or legal advice.

Module 7 — Down-Payment Savings Goal

Enter your total cash-to-close target from Module 4 above, your current savings, and your planned monthly contribution to see when you'll be ready.

Cash-to-Close Target

Use the Total from Module 4 above.

Current Savings

What you have saved today.

Monthly Savings Contribution

How much you can save each month.

Enter your cash-to-close target and monthly savings to see your timeline.

Ontario Home Buying — Frequently Asked Questions

How much house can I afford in Ontario?

Ontario buyers in Toronto pay both provincial and municipal LTT. PST (8%) applies to the CMHC premium in cash at closing if your down payment is under 20%. Budget $8,000–$20,000+ in closing costs beyond the down payment. Use the calculator above — it pre-fills Ontario-specific property tax and utility defaults. Always stress-test at your contract rate + 2% (minimum 5.25% OSFI floor). Verify all figures with a licensed mortgage professional.

What are the closing costs in Ontario?

Ontario charges a provincial Land Transfer Tax (LTT) on a marginal rate schedule: 0.5% on the first $55,000, scaling up to 2.5% on amounts over $2,000,000. Toronto adds a second municipal LTT (MLTT) at similar rates. First-time buyers in Ontario get a provincial LTT rebate of up to $4,000 (no provincial tax on the first ~$368,000). Toronto first-time buyers also get an MLTT rebate of up to $4,475 — up to $8,475 combined. Beyond land transfer tax: legal/notary fees (~$1,200–$2,500), title insurance (~$250–$600), home inspection (~$400–$700), and property-tax/utility adjustments.

How much is land transfer tax in Ontario?

Ontario LTT on a $700,000 purchase is $10,475. First-time buyers get a $4,000 rebate → $6,475 net. Toronto adds a municipal LTT of $10,475 gross minus a $4,475 first-time rebate → $6,000 net MLTT. Combined Toronto closing LTT for a first-time buyer: $12,475.

Do I pay PST on CMHC in Ontario?

Yes — Ontario charges 8% PST on the CMHC insurance premium, payable in cash at closing. On a $500,000 home with 10% down: CMHC premium = $14,175 × 8% = $1,134 due at closing (not added to the mortgage).

Related guides for Ontario

National Affordability Calculator

Switch province or compare all 10 provinces in one tool.

Buy a Home — Ontario

Province-specific offer, closing, and post-purchase steps.

Land Transfer Tax Calculator

Detailed LTT breakdown for every province + Toronto.

All figures are estimates based on provincial averages as of July 2026. Property tax rates are major-city estimates from Zoocasa 2024 data. Electricity figures from Hydro-Québec 2025 comparison report. LTT/PTT/DTT figures verified against official provincial government sources. Not financial or legal advice.