What this home actually costs every month.

Purchase price is one number. The one that decides whether a house is comfortable or stressful is the monthly total — mortgage, property tax, condo or POTL fee, utilities and insurance together. This works all five out, then shows you the household income a lender will want to see behind them.

The mortgage

Purchase price $

Down payment % $

Interest rate % Amortization

The property

Municipality Pre-fills an approximate property tax figure. Replace it if you know the actual amount from the listing. Property tax (per year) $

Monthly fee $ $

Heat & utilities (per month) $ Home insurance (per month) $

Optional

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Reading the result

The lines people forget
until closing day.

Four costs sit outside the mortgage payment and none of them go away. Budgeting for the payment alone is the most common reason a comfortable purchase turns tight in year one.

Why the payment is higher than a US mortgage calculator says

Canadian mortgages compound semi-annually, not monthly. It is a small difference on paper and a real one over 25 years, and most online calculators written for the American market get it wrong. This one uses the Canadian convention.

The default insurance premium, and the tax on it

With less than 20% down your mortgage must be insured. The premium is added to the mortgage and paid off over the amortization — but the Ontario provincial sales tax on that premium is not. It is due in cash on closing day, on top of your down payment and land transfer tax. The calculator shows it separately for exactly that reason.

What the stress test actually tests

Your lender qualifies you at the greater of your contract rate plus two percentage points, or 5.25%. You make payments at your real rate; you simply have to prove you could survive the higher one. The income figure shown assumes a 39% gross debt service ratio and counts the payment, property tax, heat and half of any condo or POTL fee — before car loans, lines of credit or other debt.

POTL versus condo fees

A POTL fee — parcel of tied land — covers shared elements on a freehold home: private roads, visitor parking, snow removal, landscaping. You still own and maintain the house itself, roof included. A condo fee usually covers the building envelope, common areas and the reserve fund. The status certificate tells you what is actually included, and it is worth reading before you offer, not after. The full comparison ↗

Accelerated bi-weekly payments

Twenty-six half-payments a year is one extra monthly payment, and all of it goes against principal. On a typical Oakville mortgage that is several years off the amortization and a large amount of interest. It costs you nothing beyond the discipline of the schedule.

Estimates for planning only — not a mortgage approval or an offer of credit. Rates, insurance premiums, tax rates and lender qualifying rules change. Confirm the numbers with a licensed mortgage professional before relying on them.

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What this home actually costs every month.

The mortgage

The property

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The lines people forgetuntil closing day.

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Want a broker to check
your numbers?

The lines people forget
until closing day.

Other calculators worth
ten minutes of your time.