Total Cost of Homeownership Planner
Estimate what a Canadian home actually costs — the cash you need up front, what it carries for each month, what it costs per year, and a five-year planning total. Free, no login, no email required. Every figure is an estimate based on the values you enter.
Your inputs
Every prefilled number here is an illustrative editable example, not a typical, current, or recommended figure. Replace each one with a value you have confirmed with your lender, municipality, insurer, condo corporation, and utility provider.
= $120,000
Illustrative editable example. Use an actual quote from your lender or broker.
Illustrative editable example. Check the municipal tax roll for the exact address.
Enter 0 if not applicable.
Illustrative editable example. A higher reserve may be appropriate depending on condition, inspections, and planned work.
Your estimate
Cash needed up front
$124,500
Down payment plus the one-time costs you entered.
Estimated monthly carrying cost
$4,037
Mortgage, tax, fees, utilities, insurance and maintenance reserve.
Estimated annual ownership cost
$48,439
Monthly carrying cost × 12.
Five-year planning total
$366,694
Up-front cash plus 60 months of carrying cost, before any renewal change.
These are illustrative estimates based on the values you entered. The mortgage payment math is a planning approximation (monthly compounding, fixed rate, no fees) and will differ from a lender quote. Down payment tiers and default-insurance premiums are assumptions, not verified current rules. Confirm every figure with your lender or broker, your insurer, and your municipal and provincial tax authorities before deciding.
Source links (checked 2026-08-31; effective date of any rule is not asserted here): CMHC mortgage loan insurance · FCAC down payment and closing costs · Provincial land transfer tax authorities
Monthly breakdown
Each row shows the exact calculation used.
| Item | Monthly | Share |
|---|---|---|
| Mortgage principal & interestAmortized payment on the financed loan (loan + any default insurance premium) at the rate and amortization you entered, compounded monthly. This is a planning approximation and may differ from a lender quote. | $2,737 | 68% |
| Property taxAnnual property tax you entered ÷ 12. | $350 | 9% |
| UtilitiesMonthly utilities estimate you entered. | $300 | 7% |
| Home insuranceAnnual insurance premium you entered ÷ 12. | $150 | 4% |
| Maintenance reservePurchase price × the maintenance reserve % you entered ÷ 12. A reserve is money set aside, not a bill, and the percentage is an illustrative editable input, not a researched figure for your property. | $500 | 12% |
| Total monthly | $4,037 | 100% |
Cash needed up front
| Item | Amount |
|---|---|
| Down paymentPurchase price × down payment %. | $120,000 |
| Legal, inspection & adjustmentsAmount you entered for lawyer, title, inspection and closing adjustments. | $2,500 |
| Moving costsAmount you entered. | $2,000 |
| Total up front | $124,500 |
Mortgage detail
- Loan before insurance
- $480,000
- Mortgage default insurance (illustrative rule assumption)
- Not applied at 20%+ down (assumption)
- Amount financed
- $480,000
- Interest paid, first 5 years
- $107,664
- Principal repaid, first 5 years
- $56,530
- Minimum down payment (illustrative rule assumption)
- $35,000
Illustrative rule assumptions used above: minimum down payment of 5% on the first $500,000, 10% from $500,000 to $1,500,000, and 20% at or above $1,500,000; default insurance premium bands of 2.8% (loan-to-value up to 85%), 3.1% (up to 90%) and 4.0% (above 90%) of the loan. These are assumptions shown so you can review them, not verified current rules, and they do not indicate eligibility or approval. Confirm the applicable figures with CMHC, your insurer and your lender.
These figures are a planning approximation, not a lender quote: interest and principal assume the rate you entered (4.75%) stays unchanged for five years, with monthly compounding and no lender fees. Most Canadian mortgages renew at a new rate before the amortization ends, which can change every figure above.
What changes this result?
Each row changes one input and leaves everything else exactly as you set it, so you can see which uncertainty actually matters before you spend time chasing it. These are arithmetic variations of your own figures — not forecasts, and not a claim that any of them will happen.
On your current inputs, the single change with the largest monthly effect is mortgage rate +1.00 point at +$283 per month.
| Change | From → to | Monthly | Monthly change | Five-year change |
|---|---|---|---|---|
| Mortgage rate +1.00 point | 4.75% → 5.75% | $4,320 | +$283 | +$16,989 |
| Mortgage rate −1.00 point | 4.75% → 3.75% | $3,768 | −$269 | −$16,124 |
| Purchase price +5% | $600,000 → $630,000 | $4,198 | +$162 | +$15,710 |
| Purchase price −5% | $600,000 → $570,000 | $3,875 | −$162 | −$15,709 |
| Down payment +5 points | 20% → 25% | $3,866 | −$171 | +$19,738 |
| Property tax +20% | $4,200 → $5,040/yr | $4,107 | +$70 | +$4,200 |
| Amortization +5 years | 25 → 30 years | $3,804 | −$233 | −$13,959 |
| Maintenance reserve +0.5 points | 1% → 1.50% of price/yr | $4,287 | +$250 | +$15,000 |
Down payment and amortization changes can also change whether mortgage default insurance applies; where they do, the recalculated row already includes that illustrative rule assumption. Confirm the real thresholds with your lender.
Assumption summary
One page you can print and take to a lender, insurer or lawyer. Each row shows the value in use and where it should come from. Change any value in the inputs panel and this updates.
| Assumption | Value in use | Where it should come from |
|---|---|---|
| Purchase price | $600,000 | Your entry — offer price or listing you are testing |
| Down payment | 20% ($120,000) | Your entry — confirm the minimum with your lender |
| Mortgage rate / amortization | 4.75% over 25 years | Your entry — use a written lender or broker quote |
| Property tax (annual) | $4,200 | Your entry — from the municipal tax bill for this address |
| Home insurance (annual) | $1,800 | Your entry — from a written insurer quote |
| Condo / common expenses (monthly) | $0 | Your entry — from the status or estoppel certificate |
| Utilities (monthly) | $300 | Your entry — from prior bills or the utility's account history |
| Maintenance reserve | 1% of price per year ($500/mo) | Planning convention you set — not a measured cost |
| Land transfer tax | $0 | Your entry — verified with the provincial/municipal authority |
| Mortgage insurance premium | $0 (0% of loan) | Illustrative rule assumption — confirm with CMHC and your lender |
Nothing here is submitted or stored. Your notes stay in this browser tab and are not included in the shareable link.
Methodology — exactly how each number is produced
Every figure below is arithmetic on values you entered. This section is open by default and prints with your estimate.
- Mortgage payment
- Payment = P × r ÷ (1 − (1 + r)^−n), where P is the financed loan (price − down payment + any insurance premium), r is your entered annual rate ÷ 12, and n is the amortization in months. Canadian fixed mortgages are commonly compounded semi-annually, so a lender quote can differ by a few dollars a month.
- Down payment and insurance premium
- The minimum-down-payment tiers and the default insurance premium rate are illustrative rule assumptions coded into this page, not verified current rules. The exact assumption used is printed beside each result. Your lender applies the rule that is actually in force.
- Land transfer tax
- Not calculated. The planner uses only the amount you enter after confirming it — including any first-time buyer rebate — with your provincial and municipal tax authority.
- Carrying cost
- Monthly total = mortgage payment + property tax ÷ 12 + insurance ÷ 12 + condo fee + utilities + maintenance reserve. Every one of those inputs is the figure you typed; none is inferred from your province, postal code or home type.
- Maintenance reserve
- A planning convention: a percentage of purchase price per year, divided by twelve. It is money you set aside, not a bill. We publish no recommended percentage because no authoritative Canadian source sets one.
- Five-year view
- Up-front cash + 60 months of carrying cost at today's inputs. Nothing is indexed for inflation, tax increases or renewal at a different rate, and the principal portion of your payments is reported separately because it is not a loss.
Every source behind these assumptions, with what it does and does not establish, is listed in the home cost source ledger.
Sources & methodology
- Jurisdiction
- Canada (federal)
- Applies to
- Minimum down payment tiers and mortgage default insurance premiums
- Source link checked
- 2026-08-31
- Rule effective date
- Not asserted — confirm the effective rule directly with the source above.
- Jurisdiction
- Canada (federal)
- Applies to
- Down payment rules, closing costs, and mortgage basics
- Source link checked
- 2026-08-31
- Rule effective date
- Not asserted — confirm the effective rule directly with the source above.
- Jurisdiction
- Canada (federal)
- Applies to
- Reference for the mortgage rate you enter; not a lender quote
- Source link checked
- 2026-08-31
- Rule effective date
- Not asserted — confirm the effective rule directly with the source above.
- Jurisdiction
- Provincial and territorial
- Applies to
- Land transfer tax bands, exemptions, and first-time buyer rebates
- Source link checked
- 2026-08-31
- Rule effective date
- Not asserted — confirm the effective rule directly with the source above.
- Jurisdiction
- Municipal
- Applies to
- Actual annual property tax for a specific address
- Source link checked
- 2026-08-31
- Rule effective date
- Not asserted — confirm the effective rule directly with the source above.
Assumptions
- Mortgage payments are amortized monthly at a fixed rate for the whole period shown; Canadian fixed mortgages are commonly compounded semi-annually, so a lender quote may differ slightly.
- The rate you enter is assumed to hold for the full five-year view; renewal at a different rate is not modelled.
- Property tax, utilities, insurance, and condo fees are exactly the amounts you enter and are assumed not to increase.
- The maintenance reserve is a planning convention (a percentage of purchase price per year), not a measured cost for your property.
- Land transfer tax is whatever amount you enter after verifying it; the reference figure shown beside the field is an unverified illustration only.
- Down payment tiers and mortgage default insurance premiums are illustrative assumptions, not verified current rules — confirm them with CMHC and your lender.
What this estimate does not include
- Municipal land transfer taxes (for example, the City of Toronto tax) and first-time buyer rebates
- Mortgage default insurance provincial sales tax, which is payable at closing in some provinces
- GST/HST on new-build purchases and any new housing rebate
- Special assessments, reserve fund shortfalls, or rental equipment buyouts
- Property value changes, selling costs, and commissions
- Income tax effects, rental income, and any investment return on your down payment
- Lender-specific fees, rate holds, penalties, and renewal at a different rate after your term ends
Every source used anywhere on this site — with the date its link was checked, what it establishes and what it does not — is listed in the home cost source ledger.
Keep going on HomeCosts.ca
Companion resources
Other free Canadian tools in the PRPTY Network.
- HomeBuyerGuide.caStep-by-step walkthrough of the Canadian buying process
- HomeClosing.caWhat happens between accepted offer and possession day
- PropertyTaxCalculator.caDig deeper into municipal property tax estimates
- Mortgage-Calculators.caPayment, term, and amortization scenarios
- OldHouses.caCost considerations specific to older Canadian homes
- RealStats.caMarket data and statistics
Optional next steps
Every tool on this site stays free and open — no account, no email required. If you want to talk to a person, these are optional.