Toronto mortgage calculator
What a Toronto mortgage costs each payment, how long it runs, what it costs in total, and how much sooner it ends if you pay a little more. Built on the Canadian semi-annual convention, so the numbers match what a lender will quote you, and written beside the two closing costs this city adds that most calculators do not know about.
The purchase
20.0% down. The minimum on this price is $67,820.
Lenders qualify you at the higher of this rate plus 2 points and 5.25%: 6.34% here, a payment of $4,902.04.
The contract length, not the amortization. At the end of it you renew at whatever rates are then available.
Paying it down faster
Most lenders cap annual prepayments at 10–20% of the original principal, and charge a penalty above it. Check your own commitment before planning around a large lump sum.
Where the money goes, year by year
Early payments are almost all interest. The crossover (the year principal finally exceeds interest) is the real shape of an amortized loan, and it is much later than most people expect.
Show the first two years of the schedule
| Payment | Amount | Interest | Principal |
|---|---|---|---|
| 1 | $4,044.08 | $2,661.63 | $1,382.45 |
| 2 | $4,044.08 | $2,656.67 | $1,387.41 |
| 3 | $4,044.08 | $2,651.70 | $1,392.38 |
| 4 | $4,044.08 | $2,646.71 | $1,397.37 |
| 5 | $4,044.08 | $2,641.70 | $1,402.38 |
| 6 | $4,044.08 | $2,636.67 | $1,407.41 |
| 7 | $4,044.08 | $2,631.63 | $1,412.45 |
| 8 | $4,044.08 | $2,626.56 | $1,417.52 |
| 9 | $4,044.08 | $2,621.48 | $1,422.60 |
| 10 | $4,044.08 | $2,616.38 | $1,427.70 |
| 11 | $4,044.08 | $2,611.27 | $1,432.81 |
| 12 | $4,044.08 | $2,606.13 | $1,437.95 |
| 13 | $4,044.08 | $2,600.98 | $1,443.10 |
| 14 | $4,044.08 | $2,595.80 | $1,448.28 |
| 15 | $4,044.08 | $2,590.61 | $1,453.47 |
| 16 | $4,044.08 | $2,585.40 | $1,458.68 |
| 17 | $4,044.08 | $2,580.18 | $1,463.90 |
| 18 | $4,044.08 | $2,574.93 | $1,469.15 |
| 19 | $4,044.08 | $2,569.66 | $1,474.42 |
| 20 | $4,044.08 | $2,564.38 | $1,479.70 |
| 21 | $4,044.08 | $2,559.07 | $1,485.01 |
| 22 | $4,044.08 | $2,553.75 | $1,490.33 |
| 23 | $4,044.08 | $2,548.41 | $1,495.67 |
| 24 | $4,044.08 | $2,543.05 | $1,501.03 |
Derived from the figures above, not a lender's statement. A real schedule also depends on your closing date and the lender's rounding.
Why the Canadian number is different
A Canadian fixed-rate mortgage compounds twice a year, not twelve times, even though you pay monthly. That single convention is the reason a calculator written for the American market overstates the payment. On a $500,000 loan at 5% over 25 years the Canadian payment is $2,908.02; run the same loan with monthly compounding and you get $2,922.95. Fifteen dollars a month sounds trivial and comes to more than $4,000 over the amortization.
Toronto charges the land transfer tax twice
This is the Toronto-specific line, and it is large. Ontario levies a marginal land transfer tax on every purchase in the province, and the City of Toronto Act lets this one city levy a municipal one on top of it. It has done so since 2008. Below $2,000,000 the two carry identical brackets, so the effect is simply to double the tax.
On the $928,200 benchmark home that is $15,039 to the province and $15,039 to the City, or $30,078 in total, due in cash on closing day. The same purchase in Ottawa attracts the provincial tax alone. A first-time buyer can claim up to $4,000 back from the province and up to $4,475 from the City, which is $8,475 of the $30,078.
Ontario taxes the insurance premium, in cash, at closing
If you put down less than 20% the lender requires mortgage default insurance, and the premium is added to the mortgage and paid off over the amortization. The 8% provincial sales tax on that premium is not. It is due in cash on closing day, alongside both land transfer taxes and the lawyer.
On the benchmark home the minimum down payment is 5% of the first $500,000 plus 10% of the rest, or $67,820. That triggers a premium of $34,415, which goes into the loan, and $2,753 of Ontario retail sales tax, which does not. Add the two transfer taxes and a buyer at the minimum down payment needs roughly $101,000 in cash beyond the down payment itself. Budget the closing cheque before the down payment, not after.
Accelerated payments are not a trick of the arithmetic
A regular bi-weekly payment is the amortized payment converted to a fortnightly schedule; it finishes at the same time a monthly one would. An accelerated bi-weekly payment is the monthly payment cut in half and paid twenty-six times a year. Thirteen monthly payments' worth of money instead of twelve. The shorter amortization is not clever compounding, it is simply paying more. On a benchmark-priced Toronto home with 20% down, that one setting takes the loan from 25 years to about 21.8 and saves roughly $69,800 in interest.
The term is not the amortization
The amortization is how long the loan takes to disappear. The term is how long your rate is locked: five years, usually. At the end of it you renew whatever is left at whatever rates exist then, which is why the calculator shows the balance at the end of the term as prominently as the payment. On a $742,560 principal you would still owe about $650,202 after five years, and a one-point move at renewal would add roughly $349 a month to the payment.
What this cannot tell you
A lender qualifies you at the higher of your rate plus two points and 5.25%, so the payment you can afford and the payment you must qualify for are different numbers; both are shown above. Property tax, condo fees, heat and home insurance are not in the payment either, and in Toronto two of those deserve particular care. The property tax line is charged on a 2016 assessment, so the rate on a bill is not a rate on what you paid. And a condominium fee is not a fixed cost: it is set by a budget and backed by a reserve fund, and the status certificate is the document that tells you whether either is in trouble. For those, and for the comparison against renting, use the rent versus buy calculator.
Sources
- Market Watch, July 2026 · Toronto Regional Real Estate Board · retrieved Supports: A City of Toronto MLS® HPI composite benchmark of $928,200 in July 2026, down 3.83% year over year, City of Toronto benchmarks of $1,455,200 single-family detached (down 4.40%), $1,146,300 single-family attached (down 4.00%), $725,300 townhouse (down 5.75%) and $551,900 apartment (down 7.09%), An All TRREB Areas composite benchmark of $934,600, down 4.63%, covering the region rather than the City, A GTA average selling price of $1,003,956 in July 2026, down 4.5% year over year, 5,995 sales, 14,484 new listings (down 17.8%) and 26,098 active listings (down 12.1%) in July 2026, District benchmarks for Toronto C02 ($1,302,900 composite, detached down 2.15%, apartment down 14.65%), C14 ($888,100), E07 ($735,600) and W06 ($814,300)
- Rental Market Survey: Toronto, average rent by bedroom type, October 2025 · Canada Mortgage and Housing Corporation · retrieved Supports: Toronto CMA average purpose-built rents of $1,491 bachelor, $1,761 one-bedroom, $2,045 two-bedroom and $2,294 three-bedroom-plus, An overall purpose-built average of $1,917, A Toronto CMA purpose-built vacancy rate of 3.0%, the highest since 2021
- Property tax rates and fees, 2026 · City of Toronto · retrieved Supports: A 2026 total residential rate of 0.767311%: 0.605295% city, 0.153% education and 0.009016% City Building Fund, The City's own worked example of $692,140 of assessment at 0.767311%, which is $5,311, Education rates set by the province and city rates set by council
- City of Toronto's 2026 Budget now final · City of Toronto · retrieved Supports: A combined 2026 residential property tax and City Building Fund increase of 2.2%, MPAC's average Toronto current value assessment of $692,140, An increase of $91.53 a year, or $7.63 a month, on that average assessment
- Municipal Land Transfer Tax rates and fees · City of Toronto · retrieved Supports: A municipal land transfer tax charged on top of the provincial one, on Toronto purchases only, Brackets of 0.5%, 1%, 1.5%, 2%, 2.5% and 4.4%, with further bands above $3,000,000, A first-time buyer rebate of up to $4,475 of the municipal tax
- Premium information for homeowner and small rental loans · Canada Mortgage and Housing Corporation · retrieved Supports: Mortgage default insurance premium rates by loan-to-value
- Regulations amending the Insurable Housing Loan Regulations and the Eligible Mortgage Loan Regulations (SOR/2025-55) · Canada Gazette, Part II · retrieved Supports: The $1.5 million insured price cap, 30-year amortization for first-time buyers and new builds
- Minimum qualifying rate for uninsured mortgages · Office of the Superintendent of Financial Institutions · retrieved Supports: The qualifying rate of the contract rate plus two points, or 5.25%
- Interest rates charged for new and existing lending by chartered banks · Bank of Canada · retrieved Supports: The default mortgage rate of 4.34%, uninsured five-year-plus fixed, funds advanced May 2026
- Calculating Land Transfer Tax · Ontario Ministry of Finance · retrieved Supports: Provincial transfer tax brackets, The conditional 2.5% band
- Municipal Land Transfer Tax rates and fees · City of Toronto · retrieved Supports: Toronto municipal transfer tax brackets, First-time buyer rebate
- Residential rent increases · Government of Ontario · retrieved Supports: 2026 rent increase guideline of 2.1%, The 2018 occupancy exemption
- Retail Sales Tax · Government of Ontario · retrieved Supports: 8% retail sales tax on insurance premiums
These are estimates built from published figures, not a lender quote, a pre-approval or financial advice. Rates, premiums and provincial rules change; confirm anything you plan to act on with a mortgage professional and read the sourcing methodology.