Mortgage calculator
Down payment and mortgage insurance calculator
Calculate the minimum down payment, estimated mortgage-insurance premium, Ontario tax on the premium, and total mortgage.
Estimated total mortgage$742,320Base mortgage plus the estimated insurance premium.
- Minimum down payment
- $55,000
- Base mortgage
- $720,000
- Insurance premium
- $22,320 (3.10%)
- Ontario tax on premium
- $1,786
- Down payment percentage
- 10.0%
Insurance is normally required below 20% down for eligible owner-occupied purchases under $1.5 million. Ontario’s 8% tax on the premium is generally paid in cash and cannot be added to the mortgage. Insurer and lender approval still apply.
How to use this estimate
Use current documents.Enter figures from the mortgage statement, renewal offer, payout quote, appraisal, or commitment where possible.
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Check the actual terms.Qualification, fees, compounding, privileges, and lender calculations may produce different results.