Mortgage calculator in Ontario in 2023. How to calculate a mortgage yourself? How to work with a mortgage calculator? Mortgage rates. What can I find out using a mortgage calculator?
In this section you will see the calculation of the monthly mortgage payment amount
Here is a breakdown of the total amount of payment for the loan body and interest for the use of credit funds
We collect and analyze the best mortgage interest rates in Canada on a daily basis
Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback
We have prepared for you an analytical block to help you compare the financial advantages of renting and taking out a mortgage loan. With the help of this chart, you can figure out whether, at the moment, it is more profitable to rent a property or to buy it. The data is relevant for January 2023 of the year and does not consider inflation and the rise in the price of real estate.
Use the mortgage loan matching configurator. Select the necessary parameters and click on the "Show" button
It might be a good idea to figure out how much you can spend before applying for a mortgage, as your monthly payment will be your most significant expense. For your convenience, we designed a user-friendly mortgage payment calculator that takes into account many factors, for example, your insurance costs and interest deduction.
Check out the mortgage options available in Ontario in January, 2023. The system will select the most relevant offers according to the results of your calculation.
To assess the mortgage loan approval probability, we recommend you check your credit score through our website. It is free. The minimum rating required for a mortgage with a traditional lender is 680. If your rating is lower than 680, we could recommend you a mortgage broker.
Buying a house is one of the most important money moves you'll ever make. It might be helpful to check if you owe money to someone before starting your house-hunting journey. To do it, you could use our debt-checking service. It's free. Banks tend to favor debt-free customers; therefore, if you see yourself in arrears, you’d better pay off all your debts before applying for a mortgage loan.
If your credit score is at least 680 and you don't have any outstanding debts, we recommend you start the application process. To apply for a mortgage, you can go to the bank's website by clicking the corresponding button in the offers listed above. Alternatively, you can use our mortgage application form.
Mortgage experts of the selected bank will assess your credit score and legal and financial risks associated with your application. After that, you will receive the decision on your application.
After your credit limit is approved, you can start looking for a home. If you need help figuring out where to start, you could take advantage of real estate websites such as REALTOR.ca, centris.ca, and zolo.ca to find your dream house.
If you decide to apply for a mortgage loan, we recommend you read the articles in this section. This minimum amount of information can help you do everything right.
Compared to other Canadian provinces, Ontario is a pretty expensive place to live. As of January 2023, the average house price in Ontario is $836,300, while the median after-tax annual income stands at $80,322. In Toronto, home prices are even steeper and exceed $1 million. High housing costs are forcing Ontario residents to look for competitive interest rates when shopping around for a mortgage.
Mortgage providers in Ontario include:
Banks — both big banks like RBC, TD Bank, Scotiabank, BMO, CIBC, and National Bank of Canada, and smaller-sized banks like Equitable Bank, Laurentian Bank, HSBC, Tangerine Bank, Motusbank, ICICI Bank Canada, Canadian Western Bank, and Manulife.
Credit unions — PACE, FirstOntario Credit Union, Alterna Savings, Community Trust, DUCA, Kawartha Credit Union, Meridian, and Desjardins.
Mortgage brokerage firms — Butler Mortgage and Nesto.
Non-bank lenders — Neo Financial, Pine, Canada Life, CMLS, and Investors Group.
In Ontario, you can get a mortgage at either a fixed or a variable rate for terms of 1 to 10 years. The interest rates for 5-year fixed-rate mortgages in Ontario range from 4.73% to 6.14%. The average rate is 5.44%.
If you want to estimate your approximate mortgage payment amount, you can do it with the help of an Ontario mortgage calculator.
To calculate the estimated mortgage payment amount, fill out the required fields in an Ontario mortgage calculator with the key parameters of your mortgage — the home price, down payment, loan term, interest rate, amortization period, and payment frequency.
Let’s assume you want to purchase a house for $820,000 and make a $250,000 down payment. With a 5-year fixed closed mortgage loan of $570,000 paid over 25 years at a 4.77% interest rate on a bi-weekly basis, your bi-weekly payment will be $1,494. The total payments over the term will constitute $194,249 — $67,349 toward the principal and $126,900 toward the interest.
With an Ontario mortgage calculator, you can estimate your mortgage repayment costs quickly and easily. In addition, you can see how different mortgage options compare regarding repayment costs by modifying the values you use as input. Doing so will help you identify the mortgage solution that represents your best value.
