Mortgage Size
Default insured mortgage cap is $1.5M. First-time buyers & new builds can have up to 30-year amortizations (from Dec 15, 2024).
Down Payment & Property Type
Payment Frequency
Interest Rate
Amortization
Home Expenses
Rental Income
Check if you rent out part of your home.
Accelerated Payments & Pre-payments
Make a lump sum on your mortgage right away.
Extra principal applied once per year.
Advanced Settings
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Rental Income$0.00
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Details
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Comparison: Your Scenario vs. Minimum 5% Down
Your Scenario (Below 5% Down)
Payment ignoring insurance: $0.00
Minimum 5% Down Scenario
Payment with insurance (5% down): $0.00
Compare Two Scenarios
Quickly see how different down payments or rates affect your monthly payment.
Scenario B Result
Monthly Payment: $0.00
Interest Paid Over Term: $0.00
Mortgage Insurance: $0.00
Today’s Best Mortgage Rates in Toronto
Stay updated on the latest mortgage rates available in Toronto. Our dynamic rates table below showcases both fixed and variable options so you can compare quickly and make an informed choice.
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 1 Year | 5.79% | 6.05% |
| 3 Year | 4.39% | 4.65% |
| 5 Year | 4.19% | 4.45% |
How to Get the Lowest Mortgage Rate in Toronto
- Improve Your Credit Score: Pay down credit cards, avoid new debt, and keep utilization low.
- Shop Multiple Lenders: Work with brokers who can compare rates from various financial institutions.
- Consider a Shorter Amortization: Though higher monthly payments, you often secure a lower rate and pay less interest overall.
- Utilize Local Incentives: Toronto sometimes offers homebuyer programs or land transfer tax rebates you can leverage.
Toronto Mortgage Pre-Approval – Get Started in Minutes
- Submit Your Application: Provide basic financial and employment info.
- Review Your Options: We’ll compare lenders in Toronto to find an optimal rate and product.
- Lock in Your Rate: Secure your pre-approval quickly so you can house-hunt with confidence.
Compare & Save – Find Your Best Mortgage Option
Fixed vs. Variable in Toronto? Here’s a quick comparison:
| Mortgage Type | Pros | Cons |
|---|---|---|
| Fixed | Predictable payments, budget-friendly | Often slightly higher rates initially |
| Variable | Potentially lower cost if rates fall | Payments can increase if prime rate rises |
Contact the Best Mortgage Brokers in Toronto
From downtown condos to family homes in the suburbs, our top-rated mortgage professionals have helped thousands of Torontonians find, refinance, and secure the perfect mortgage. Book a consultation and discover how much you can save.
💡 FAQ: Mortgage Payment Calculator Toronto
What is the best mortgage rate in Toronto?
Rates vary daily. Use our dynamic rate table or contact our mortgage experts for the most up-to-date and competitive rates in Toronto.
How accurate is the Mortgage Payment Calculator Toronto?
Our calculator follows standard Canadian mortgage calculations. It’s an excellent estimate, though your final payment may vary based on lender fees or insurance.
Do I need a pre-approval before I start house hunting?
It’s highly recommended. A pre-approval in Toronto’s competitive market ensures you can make a strong offer quickly without rate uncertainty.
Get Your Best Mortgage Rate in Toronto Today
Don’t miss out on the lowest mortgage rates and exclusive deals in Toronto. Use our Mortgage Payment Calculator to see your potential monthly costs, then get in touch with our expert brokers for personalized advice.
