What is a mortgage in Canada?

A mortgage is a loan used to buy a home in Canada. You make a down payment and repay the rest over time with interest.

How do mortgage payments work?

Mortgage payments include principal and interest. Over time, more of your payment goes toward the principal.

What affects your mortgage payment?

Your payment depends on the mortgage amount, interest rate, and amortization period.

Ontario Home Buyer Checklist

Before You Buy a Home in Ontario, Calculate These 5 Things

Buying a home is exciting — but the numbers can surprise you. Use these free calculators to estimate your mortgage payment, closing costs, monthly ownership costs, debt options, and different buying scenarios before you make your move.

Start Calculating Explore All Tools

The price of the home is only one number.

Your real buying decision should include the mortgage payment, land transfer tax, legal fees, monthly bills, debt payments, and what happens if rates or prices change. This page brings the most useful MyRealEstateCalculator.ca tools into one simple place.

Calculate These First

Use one calculator or go through all five before you buy, refinance, renew, or compare options.

Monthly Payment

Mortgage Payment Calculator

Estimate your monthly mortgage payment based on purchase price, down payment, interest rate, and amortization.

Calculate Payment

Upfront Costs

Closing Costs Calculator

Estimate Ontario land transfer tax, Toronto land transfer tax, legal fees, and other costs due before closing.

Calculate Closing Costs

True Monthly Cost

Homeownership Cost Calculator

Add mortgage payments, property tax, insurance, utilities, maintenance, condo fees, and other monthly costs.

Calculate Ownership Costs

Debt Strategy

Debt Consolidation Calculator

Compare your current debt payments against a possible home equity or mortgage-based debt consolidation option.

Compare Debt Options

Compare Scenarios

Dual Scenario Calculator

Compare two mortgage situations side by side, such as buying now vs. waiting, higher price vs. lower rate, or two homes.

Compare Scenarios

Use This Page Like a Pre-Buy Checklist

Before you fall in love with a home, run the numbers. A few minutes of calculating can help you avoid surprises and make a more confident decision.

✓Can I afford the monthly payment?
✓How much cash do I need to close?
✓What will the home actually cost each month?
✓Should I clean up debt before buying?
✓Which scenario makes more sense?

Bookmark This Before You Buy

Save this page and come back whenever your price, rate, down payment, or monthly budget changes.

Use the Calculators

Calculators on MyRealEstateCalculator.ca are for general education and estimation only. They are not financial, legal, tax, or mortgage advice. Always confirm your numbers with qualified professionals before making a real estate decision.