Mortgage calculator
See what a home costs each month, how much you can afford, and what you need on closing day. Everything updates as you move the sliders.
This is only an estimate. We do not accept any responsibility for these figures or for decisions made using them. For an accurate mortgage amount, rate and payment, contact a mortgage broker or your bank.
Your estimated payment
$0/month
- Mortgage amount
- Mortgage default insurance
- Total mortgage
- Interest over the term (5 years)
- Interest over the full amortization
- Balance after 5 years
- Payment at the stress-test rate
How the rate changes your payment
Estimate only, using Canadian semi-annual compounding. We do not accept any responsibility for these figures; for an accurate mortgage, contact a mortgage broker or your bank.
You could afford a home up to about
$0
- Maximum mortgage
- Monthly payment at that price
- Tested at the stress-test rate
- Housing costs as a share of income (GDS)
- All debts as a share of income (TDS)
- What limits you
Uses the federal stress test (the higher of 5.25% and your rate plus 2%), a 39% GDS limit and a 44% TDS limit, which is what most lenders apply. Your lender may differ.
Cash you'll need on closing day
$0
Down payment plus the one-time costs below
Legal fees, title insurance and inspection are typical Hamilton-area figures and vary by provider. Adjustments for prepaid property tax or utilities are settled on closing and are not included.
How to read these numbers
Down payment rules
Under $500,000 you need 5% down. Between $500,000 and $1.5 million it's 5% on the first $500,000 and 10% on the rest. At $1.5 million or more you need 20%. Below 20% the mortgage must be insured, and the premium is added to the loan.
The stress test
Lenders must check you could still make payments at the higher of 5.25% or your rate plus two points. It doesn't change what you pay, only how much you can borrow.
Accelerated bi-weekly
Half the monthly payment every two weeks works out to one extra monthly payment a year, which takes about three years off a 25-year mortgage.
Ontario land transfer tax
0.5% on the first $55,000, 1% to $250,000, 1.5% to $400,000, 2% to $2 million, 2.5% above. First-time buyers get up to $4,000 back. Hamilton has no extra municipal tax.