First-time buyers on titleSets the first-time buyer rebate against land transfer tax, prorated to their share
The product
Price and down payment
Default insurance premium3.10% — under 20% down, added to the mortgage+$18,135
Mortgage amountIncluding the insurance premium$603,135
The mortgage
What it costs to hold
What you entered
Purchase price$650,000
Down payment$65,000 (10.0%)
Interest rate4.49%, compounded semi-annually
Amortization25 years
Term5 years
Payment frequencyMonthly
Property taxes$8,125 a year (our estimate)
WhereElsewhere in Ontario, Ontario
First-time buyers on titleAll buyers
Monthly payment$3,334.84At 4.49% over 25 years, compounded semi-annually
What the home costs a monthWhat a lender counts
Mortgage payment$3,335
Property taxesEstimated from the standing rate for Elsewhere in Ontario$677
HeatThe standing allowance, not a bill$100
Total monthly cost$4,112
Over the 5 years you are signing forThe term, not the amortization
Total payments over the term$200,090
Of that, interest$126,398
And principalWhat the term actually buys you$73,692
Balance at renewal$529,443
Effective amortizationWhen this payment schedule actually pays it off25 years
Down payment and insurancePrice, less the down payment, plus the premium
Purchase price$650,000
Less down payment (10.0%)−$65,000
Mortgage before insurance$585,000
Default insurance premiumAdded to the mortgage, not cash+$18,135
Total mortgage amount$603,135
And on closing dayThe detail is on the closing costs tab
Minimum down payment on this price$40,000
Land transfer tax$5,475
Cash to close$74,726
Heat is a standing allowance a lender applies, not your bill. Leave the property taxes blank and we estimate them from the standing rate for Elsewhere in Ontario; on a listing they are usually stated.
What this assumed
Rate used
4.49%
Qualifying rate
6.49%
Confirmed October 5, 2026. A rough estimate, not a quote — talk to us and we’ll go through the options with you.
Produced by Stephen Green, Mortgage Broker · Licence M23005021 · 519-500-1789
Illustrative only. These figures are estimates based on what you entered. They are not an approval, not a quote and not a commitment to lend; everything is subject to a lender’s own assessment and final terms.
TFC The Financial Collective Ltd. In Partnership with Better Mortgages — FSRA Licence 13496
