Toronto, Ontario
Toronto mortgage payment calculator
Put in a price, a down payment and a rate to see the monthly payment, the smallest down payment allowed and the higher stress test payment a lender will check your income against.
How much you need to put down
| Purchase price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000 and 10% of the rest |
| $1.5 million or more | 20% of the price |
Put down less than 20% and the mortgage will usually need loan insurance. The first-time home buyer guide goes through these rules with Toronto prices and the savings plans that help.
Payments at Toronto's median prices
These use the City of Toronto median for each property type in August 2026 (TRREB), the minimum down payment and an illustrative 4.00% rate, before any mortgage loan insurance. They are examples, not quotes. A 30-year amortization is only open to some insured buyers.
| Property type | Median price | Minimum down | Mortgage | 25 years | 30 years |
|---|---|---|---|---|---|
| Condo apartment | $550,000 | $30,000 | $520,000 | $2,735 | $2,473 |
| Condo townhouse | $661,650 | $41,165 | $620,485 | $3,264 | $2,951 |
| Semi-detached | $981,000 | $73,100 | $907,900 | $4,776 | $4,317 |
| Detached | $1,170,000 | $92,000 | $1,078,000 | $5,670 | $5,126 |
The qualifying payment decides the budget
Lenders approve you against a stress test payment calculated at the greater of 5.25% or your contract rate plus 2%. Your income has to carry that higher payment, which is why it caps what you can borrow. Our post on the mortgage stress test in Toronto shows how it plays out at different incomes.
Costs the payment leaves out
Owning also means property tax, utilities, home insurance and, for a condo, monthly fees. At the start you pay two land transfer taxes in Toronto plus legal and closing costs. Run the land transfer tax calculator on the same price or ask us for the full picture on a home you like.