Toronto Mortgage Payment Calculator (2026)
Start from Toronto's benchmark home price of $918,000. Change the rate, down payment and payment frequency to see the monthly payment. CMHC insurance and the cash needed at closing, including Ontario land transfer tax, are shown too. The table below gives the payment with 5%, 10% and 20% down and the income needed to qualify.
$851,812 borrowed, including $25,612 of mortgage insurance because you are under 20% down, at 4.5% over 25 years. With tax, heat and insurance, owning this home costs about $5,552 a month.
Does it fit your income?
You would need a household income of about $199,000 to qualify for this mortgage at the stress-test rate of 6.50%. Enter your income above and this section checks your numbers. To find your maximum price instead, use the affordability calculator.
Cash you need on closing day: $118,560
| Down payment | $91,800.00 |
| Ontario land transfer tax | $14,835.00 |
| Ontario first-time buyer refund | − $4,000.00 |
| Toronto municipal land transfer tax | $14,835.00 |
| Toronto first-time buyer rebate | − $4,475.00 |
| Toronto MLTT administration fee (plus HST) | $115.89 |
| Provincial sales tax on the mortgage insurance premium | $2,048.98 |
| Legal fees and disbursements | $1,500.00 |
| Title insurance | $400.00 |
| Home inspection | $500.00 |
| Adjustments (prepaid property tax, utilities) | $1,000.00 |
| Total cash to close | $118,559.87 |
Land transfer tax is the real figure for Toronto with the first-time buyer rebate. Legal, title and adjustment figures are typical estimates.
What a bigger down payment changes
| Down payment | $91,80010% · you | $137,70015% | $183,60020% |
|---|---|---|---|
| Mortgage insurance | $25,612 | $21,848 | none |
| Mortgage | $851,812 | $802,148 | $734,400 |
| Monthly payment | $4,714.55 | $4,439.67 | $4,064.71 |
| Cash to close | $118,560 | $164,159 | $208,311 |
| Interest over 25 years | $562,553 | $529,755 | $485,010 |
Over the life of the mortgage
Interest in red, principal in blue, each year. Early payments are mostly interest. The line marks your first renewal.
Fixed 4.5% or variable 3.65%? Variable would be $4,333.20 per month and save $33,422 this term if rates stay put. It only loses if its average over the term ends up above 4.46%.
Pay it off faster: accelerated bi-weekly payments of $2,357.28 save $85,316 of interest and end the mortgage in 21.69 years.
The costs people forget to budget
| Mortgage payment (monthly) | $4,714.55 |
| Property tax: Toronto's rate, 0.77% of value a year | $587.00 |
| Home insurance: Required by the lender | $100.00 |
| Heat, hydro, water: Utilities a renter often had included | $150.00 |
| Maintenance and repairs: The 1%-of-value-a-year rule of thumb | $765.00 |
| What this home really costs each month | $6,316.55 |
One-time costs not above: moving ($1,000 to $5,000), appliances and furniture, and a home inspection if you had one.
Year-by-year schedule
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $56,575 | $37,592 | $18,982 | $832,830 |
| 2 | $56,575 | $36,728 | $19,846 | $812,984 |
| 3 | $56,575 | $35,825 | $20,749 | $792,234 |
| 4 | $56,575 | $34,881 | $21,693 | $770,541 |
| 5 | $56,575 | $33,894 | $22,681 | $747,860 |
| 6 | $56,575 | $32,862 | $23,713 | $724,148 |
| 7 | $56,575 | $31,783 | $24,792 | $699,356 |
| 8 | $56,575 | $30,655 | $25,920 | $673,436 |
| 9 | $56,575 | $29,475 | $27,100 | $646,336 |
| 10 | $56,575 | $28,242 | $28,333 | $618,003 |
| 11 | $56,575 | $26,953 | $29,622 | $588,381 |
| 12 | $56,575 | $25,605 | $30,970 | $557,411 |
| 13 | $56,575 | $24,195 | $32,379 | $525,032 |
| 14 | $56,575 | $22,722 | $33,853 | $491,179 |
| 15 | $56,575 | $21,181 | $35,393 | $455,786 |
| 16 | $56,575 | $19,571 | $37,004 | $418,782 |
| 17 | $56,575 | $17,887 | $38,688 | $380,094 |
| 18 | $56,575 | $16,126 | $40,448 | $339,645 |
| 19 | $56,575 | $14,285 | $42,289 | $297,356 |
| 20 | $56,575 | $12,361 | $44,214 | $253,143 |
| 21 | $56,575 | $10,349 | $46,226 | $206,917 |
| 22 | $56,575 | $8,246 | $48,329 | $158,588 |
| 23 | $56,575 | $6,046 | $50,528 | $108,060 |
| 24 | $56,575 | $3,747 | $52,828 | $55,232 |
| 25 | $56,575 | $1,343 | $55,232 | $0 |
Show the math
Canadian fixed-rate mortgages compound semi-annually (Interest Act s. 6): rate per payment = (1 + 4.5%/2)^(2/12) − 1 = 0.3715%. Payment = P × i ÷ (1 − (1+i)^−n) with P = $851,812.20. Mortgage insurance: 3.10% of the loan, added to the mortgage. The provincial sales tax on it ($2,048.98) is paid in cash. Stress test: the higher of your rate + 2% and 5.25%. Lenders cap housing costs at 39% of gross income and housing plus debts at 44%. Defaults when you leave a field at 0: property tax at the chosen city's published rate (or 0.8% of price a year elsewhere), heat $150 and insurance $100 a month, maintenance 1% of price a year. Variable rates are compared with monthly compounding.
Mortgage payments on a $918,000 home in Toronto
Monthly payments at 4.5% over 25 years, with 2026 CMHC premiums included.
| Down payment | Mortgage | CMHC premium | Monthly payment |
|---|---|---|---|
| 5% ($45,900) | $872,100 | — | $4,826.84 |
| 10% ($91,800) | $851,812 | $25,612 | $4,714.55 |
| 20% ($183,600) | $734,400 | — | $4,064.71 |
| Apartment benchmark $547,400, 10% down | $507,932 | $15,272 | $2,811.27 |
See the main mortgage payment page for how the math works, and the affordability calculator for the income you need.
Run a mortgage or accounting practice in Toronto? Put one of our calculators on your site and we will list you on this page at no cost. See how it works.
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What first-time buyers can claim
Most of these are claimed by your lawyer at closing or on your next tax return. None are automatic.
- Weeks before closingHome Buyers’ Plan ↗
- Before closingOpening an FHSA ↗
- At closingOntario land transfer tax refund for first-time buyers ↗
- At closingToronto municipal land transfer tax rebate ↗
- At closingBC first-time home buyers’ program ↗
- At closingPEI first-time home buyers’ exemption ↗
- Next tax returnQuebec refundable tax credit for access to homeownership (Information Bulletin 2026-2) ↗
- Next tax returnHome buyers’ amount (line 31270) ↗
- New builds onlyFirst-time home buyers’ GST/HST rebate ↗
You may also qualify for
- Mortgage default insurance rules (CMHC) ↗ How the 30-year amortization for first-time buyers and the $1.5M insured cap work.
Common questions
Frequently asked questions
- What is the average mortgage payment in Toronto?
- On the $918,000 benchmark home with 10% down at 4.5% over 25 years, $4,714.55 a month for principal and interest, plus about $587 of property tax. Your own rate and down payment change this, so use the calculator.
- How much do I need to earn to buy in Toronto?
- About $199,000 of gross household income with 10% down and no other debts, because lenders test the payment at 6.50% against the 39% GDS limit. A bigger down payment or a lower price lowers it. See the affordability calculator.
- Is $918,000 an average or a benchmark?
- A benchmark. It is the MLS Home Price Index value of a typical home in Toronto. A few luxury sales sway it less than they sway the average. City of Toronto composite benchmark. All-TRREB-areas composite is $925,900 (-4.46% y/y). Average selling price Aug 2026 $993,410 (TRREB Market Watch, Sept 3 2026).
Guides for this calculator
- First-Time Home Buyers' GST Rebate (2026)First-time buyers get all the GST back on a new home up to $1 million, shrinking to zero at $1.5 million. Who qualifies, dates, forms and how to claim.
- Every first-time home buyer program in Canada for 2026, stackedThe GST rebate, FHSA, Home Buyers' Plan, $1,400 credit, 30-year mortgages and provincial land transfer relief for first-time buyers in 2026, stacked.
- Foreign Buyer Rules in Canada to 2027The federal foreign buyer ban runs to January 1, 2027. Ontario's 25% tax, Toronto's 10%, BC's 20% and Nova Scotia's 10% apply either way. Who is exempt.
- Ontario's $130,000 new-home HST rebate: who gets it, when, and howSign between April 1, 2026 and March 31, 2027 and Ontario removes the full 13% HST on a new home up to $1 million. The rules, phase-outs and how to claim.
- The Smith Manoeuvre Explained (2026)Interest on money borrowed to invest is deductible. Mortgage interest is not. How a readvanceable mortgage turns one into the other, and what breaks it.
Sources
Sources
Every figure on this page comes from one of these primary sources. Data last verified .
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