Mortgage calculator for Ontario

Work out your monthly mortgage payment in Ontario, then check it against the federal qualification rules that apply to borrowers in Ontario.

By Promissory.ca Editorial Team Reviewed against official Canadian sources Last updated: 2026-09-16

Mortgage payment calculator for Ontario

Enter your own numbers — the calculator runs in your browser and nothing is sent to a server. Use the price you are actually considering, not an average.

Home price ($)

Down payment ($)

Interest rate (%)

Amortization (years)

Estimated monthly payment

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Qualifying for a mortgage in Ontario

Affordability and qualification are two different tests. The payment you can comfortably make is not necessarily the payment a lender will let you carry. Federally regulated lenders must qualify you at the greater of your contract rate plus 2 percentage points or 5.25%, under OSFI Guideline B-20.

Lenders also look at your gross and total debt service ratios, your credit history, your down payment source and the property itself. Run the mortgage affordability calculator to see the price the stress test supports, then use the calculator above for the payment.

Borrowing rules that apply in Ontario

In Ontario, the cost of borrowing a payday loan is capped at $14 for every $100 borrowed, with a maximum dishonoured-payment fee of $20. The maximum payday loan amount is $1,500.

The federal criminal rate of interest is 35% APR (reduced from 48% on 1 January 2025).
A payday loan cannot exceed 50% of your net pay.
Cooling-off period to cancel: 2 business days.
Loan rollover: Not permitted.
Mortgages from federally regulated lenders must qualify under OSFI's stress test — the greater of your contract rate plus 2% or 5.25%.

Source: FCAC — Payday loans — Financial Consumer Agency of Canada. Retrieved 2026-09-16.

Costs to budget for beyond the payment

The mortgage payment is not the whole cost of buying in Ontario. Budget for these as well.

Down payment. Minimum 5% up to $500,000, 10% from $500,000 to $1,500,000, and 20% above $1,500,000.
Mortgage default insurance if your down payment is under 20%. The premium is usually added to the balance.
Land transfer tax or registration fee. This is set provincially and varies by province — confirm the current amount and any first-time buyer rebate with Ontario.
Legal fees, title insurance and appraisal. Required by most lenders.
Property tax and insurance. Ongoing, and often collected with the payment.

Promissory.ca does not set or publish rates, and does not receive your application. We are not a lender or a mortgage broker.

Cities in Ontario

Local borrowing information for communities across Ontario.

Frequently asked questions

How is a mortgage payment calculated in Ontario?

A mortgage payment is calculated from the amount borrowed, the interest rate and the amortization period. The same formula applies across Canada: each payment covers interest on the remaining balance plus a portion of the principal. Use the calculator on this page to see your own numbers.

What rate do I have to qualify at in Ontario?

Federally regulated lenders apply a minimum qualifying rate — the greater of your contract rate plus 2 percentage points or 5.25% — under OSFI Guideline B-20. This applies to borrowers in Ontario as it does elsewhere in Canada.

How much down payment do I need in Ontario?

The federal minimum applies: 5% on the portion of the price up to $500,000, 10% on the portion from $500,000 to $1,500,000, and 20% on any portion above $1,500,000. A down payment under 20% requires mortgage default insurance.

Does Ontario have its own mortgage rules?

Mortgage underwriting for federally regulated lenders is set federally, but Ontario adds provincial consumer-protection rules and its own land transfer tax and registration costs. Confirm the provincial costs with the province before you budget.

Can I use this calculator for a renewal or refinance in Ontario?

Yes. Enter the balance you would be refinancing, the rate offered and the remaining amortization. For a straight renewal at the same rate, your payment changes only if the amortization or rate changes.

Important legal information

Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.

Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.

Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.

Lenders may perform a credit check with one or more credit bureaus, including Equifax and TransUnion. A hard credit inquiry may affect your credit score.

There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.

Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.

We handle personal information in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA). See our Privacy Policy for how we collect, use and protect your information.

If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.