OwnerCost

Canada · Mortgage

What owning this actually costs each month

25-year amortization. The rate you enter is converted with semi-annual compounding, the usual Canadian convention. We also test the payment at the B-20 qualifying rate.

Set a shorter payoff to fill the extra payment.

Yes only if you meet every condition in your province. All: a Canadian citizen or permanent resident. Ontario and Toronto: 18 or older, never owned a home anywhere, no spouse who owned one while married to you, and moving in within 9 months. BC: never owned a home you lived in or had this exemption, a year living in BC (or 2 BC tax returns in the last 6 years), and moving in within 92 days. Controls only transfer-tax relief.

Yes if at least one buyer has never bought a home, has not lived in a home they or their spouse owned in the last 4 years, or has recently separated. Controls only the insured amortization limit.

A newly built home not previously occupied as a residence. It also allows a 30-year insured mortgage.

Example with the default inputs. Change any field to recalculate.

Estimated owner cost: $3,418 a month

That is 35.7% of gross monthly income. This is a calculation, not a lender assessment or a recommendation. At the B-20 qualifying rate of 6.55%, gross debt service (GDS) is 41.4% — above CMHC's 39% maximum for insured mortgages (P&I at the qualifying rate + property tax + heating + half the condo fees).

Monthly owner cost
$3,418

P&I $2,893 · property tax $325 · insurance $120 · condo fees $80
Loan $520,000 · LTV 80.0%

Extra $0/mo
$0

Interest saved · payoff 25.0 yrs · 0 months sooner

Cash to close
$139,475

Deposit $130,000 + closing costs $9,475

Day-one cash breakdown
Deposit$130,000
Ontario land transfer tax$9,475
10-year cash comparison

Deposit, closing costs and 120 months of owner cost: $549,579. 120 months of rent starting at $2,400 and rising 3% a year: $330,160.

OwnerCost assumptions: a 10-year period and 3% annual rent growth. This counts cash paid on the regular schedule only — extra principal is not included — and it ignores the equity you build, changes in the home's value, selling costs and what the deposit could earn elsewhere — so it does not say whether buying or renting is better.

OwnerCost sheet

Canada · https://ownercost.com/ca/mortgage/
Price $650,000 · down $130,000 · 4.55% · 25 years
Owner cost $3,418 (P&I $2,893)
Extra $0/mo · paid off in 25.0 years · interest saved $0
Cash to close $139,475
Registry OC-MTG 2.1.0. Planning estimate, not an offer of credit.

What this includes

OwnerCost converts the rate you enter with semi-annual compounding, the usual Canadian convention; check how your lender states its rate. With less than 20% down, the CMHC premium is added to the loan, and the amortization can exceed 25 years (up to 30) only for a first-time homebuyer under CMHC's 4-year test or a new build — a separate question from first-time land transfer tax relief; in Ontario the 8% sales tax on it is paid in cash at closing.

How we calculate

OwnerCost converts the rate you enter with semi-annual compounding, the usual Canadian convention (the Interest Act requires the rate to be stated yearly or half-yearly): monthly rate = (1 + r/2)^(2/12) − 1. Payment = P·i / (1 − (1 + i)^−n). With less than 20% down, the CMHC premium (2.80%, 3.10% or 4.00% of the loan by loan-to-value) is added to the loan. Insured mortgages allow at most a 25-year amortization, or 30 years if at least one borrower is a first-time homebuyer or the home is newly built and never occupied (the premium then rises by 0.20%). Two separate questions: CMHC's first-time test (the 4-year rule) sets the amortization limit; transfer-tax relief uses the provincial test. Insured mortgages need the minimum down payment (5% to $500,000, 10% above, 20% from $1.5m) and a price under $1.5m. GDS = principal and interest at the qualifying rate max(rate + 2, 5.25%) + property tax + heating + half the condo fees, compared with CMHC's 39% limit. The 10-year cash comparison uses two OwnerCost assumptions — a 10-year period and rent rising 3% a year — and counts cash paid on the regular schedule only (the extra-principal input is not included); it is not a buy-or-rent recommendation. Principal and interest are counted only until the loan is repaid (at most 120 months), so a term shorter than 10 years adds no payments after payoff; insurance, property tax and building or owners' fees continue for all 120 months; mortgage insurance stops when its own rule ends it and never after the loan does.

Official sources

Rules checked against these sources on 24–25 September 2026.