Mortgage calculator Ontario (2026): payments, land transfer tax and first-time buyer programs

Mortgage calculator for Ontario

It opens on the Greater Toronto benchmark price of $925,900 (August 2026). Pick another Ontario market or type your own price, then set your down payment, rate and amortization. The rate starts at 4.5%, our rounded assumption from Bank of Canada data, not a quote.

Start from a benchmark priceHome priceDown paymentInterest rateAmortization

First-time home buyer?

In the City of Toronto?

Your own closing cost estimates

Legal or notary feesHome inspectionTitle insuranceOther (appraisal, moving, adjustments)

$4,099.68monthly mortgage payment

Down payment: $185,180 (20.0%)
CMHC insurance premiumNot needed with 20% or more down: $0
Mortgage amount: $740,720

Cash you need on closing day

Down payment: $185,180
Ontario land transfer tax: $14,993
Ontario first-time buyer refund: −$4,000
Total cash to close: $196,173

CMHC says closing costs usually run 1.5% to 4% of the price: $13,889 to $37,036 on this home.

Prices: CREA MLS® Home Price Index, composite benchmark, August 2026. Payments use semi-annual compounding, as Canadian fixed-rate mortgages do. CMHC premiums and the minimum down payment follow CMHC’s published rules. Your own estimates stay in your browser.

Ontario at a glance

FIRST-TIME BUYERS

First-time buyer programs in Ontario

Ontario gives first-time buyers money back in three places: provincial land transfer tax, Toronto’s municipal land transfer tax if you buy in the city, and the provincial part of the HST on a newly built home. The first two come off at closing; the HST rebates can be credited by the builder or claimed from the CRA.

Provincial

Ontario land transfer tax refund

Up to $4,000no provincial tax at all on homes up to $368,000

WHO QUALIFIES Canadian citizens or permanent residents aged 18 or older who have never owned a home, or an interest in one, anywhere in the world.

On a $500,000 home the provincial tax drops from $6,475 to $2,475.
You must move in within 9 months and claim within 18 months of registration. New and resale homes both qualify.
If your spouse owned a home while you were spouses, neither of you qualifies.

Official details

Municipal

Toronto municipal land transfer tax rebate

Up to $4,475off Toronto’s tax, the full amount on a $400,000 home

WHO QUALIFIES First-time buyers in the City of Toronto, under the same age, citizenship, 9-month move-in and never-owned rules as Ontario’s refund.

Inside the city you pay Ontario’s tax and Toronto’s, which uses the same rates up to $2,000,000. A $500,000 home pays $12,950 in total, or $4,475 after both first-time rebates.
It applies only inside the City of Toronto, not across the whole Greater Toronto benchmark area.
Toronto also charges a $102.56 administration fee plus HST.

Official details

ProvincialNew builds

Ontario first-time home buyers’ HST rebate

Up to $80,000of the 8% provincial part of the HST on a new home

WHO QUALIFIES First-time buyers who meet the federal FTHB GST/HST rebate rules: 18 or older, a citizen or permanent resident, and no home owned and lived in by you or your spouse this year or the previous four.

The whole provincial part comes back on a new home valued at $1,000,000 or less.
Between $1,000,000 and $1,500,000 it shrinks, but never below the regular Ontario new housing rebate (up to $24,000). There’s none at $1,500,000 or more.
With the federal FTHB rebate, a first-time buyer of a new home up to $1 million can get back both the federal and provincial parts of the HST.

Official details

ProvincialNew builds

Ontario enhanced new housing rebate

Up to $80,000for any buyer, on agreements from April 1, 2026 to March 31, 2027

WHO QUALIFIES Anyone buying a new home from a builder as their own or a relative’s main residence, first-time buyer or not, valued below $1,850,000.

All of the provincial HST back up to $1 million, a flat $80,000 above $1 million up to $1.5 million, and a partial rebate below $1.85 million.
People who get it may also get the Ontario new home affordability payment, up to $50,000 from the Province, reduced by any federal GST rebate.
If you qualify for this and the first-time rebate, the total back on the provincial part still can’t pass $80,000.

Official details

Federal programs for first-time buyers in Ontario

These work the same in every province. Many first-time buyers can use several together: the FHSA and the Home Buyers’ Plan for the down payment, the home buyers’ amount at tax time, and the GST rebates on a newly built home.

Ontario charges HST, so a new home carries a federal part and an 8% provincial part. The federal rebates below cover the federal part; Ontario’s own rebates on the provincial part are in the section above.

Federal

First Home Savings Account (FHSA)

$8,000 a year$40,000 lifetime: deductible going in, tax-free coming out

WHO QUALIFIES Canadian residents aged 18 to 71 who haven’t lived in a home they or their spouse owned in the current year or the previous four calendar years.

Contributions are deductible like RRSP contributions, and a qualifying withdrawal to buy your first home is tax-free and never repaid.
Unused room carries forward up to $8,000, so the most room you can have in one year is $16,000. Room only starts once you open the account.
The account has to close by the end of the year of the 15th anniversary of opening it, the year you turn 71, or the year after your first qualifying withdrawal.

Official details

Federal

Home Buyers’ Plan (HBP)

$60,000per person from your RRSP, with no tax withheld

WHO QUALIFIES First-time buyers (the same four-year test) with a written agreement to buy or build a qualifying home in Canada that they’ll live in within a year.

You repay it to your RRSP over up to 15 years. For a first withdrawal between January 1, 2026 and December 31, 2028, repayments start in the fifth year after the withdrawal.
Any year you repay less than the minimum, the shortfall is added to your income.
You can use the HBP and an FHSA withdrawal for the same home, and the home must be bought or built before October 1 of the year after your first withdrawal.

Official details

Federal

Home buyers’ amount (first-time home buyers’ tax credit)

$10,000claimed on line 31270 as a non-refundable federal credit

WHO QUALIFIES First-time buyers (no home owned and lived in by you or your spouse in the year of purchase or the four years before), and buyers eligible for the disability tax credit.

It lowers the federal tax you owe; there’s no refund if you owe no tax.
Two eligible buyers can split it, but not above the $10,000 total for the home.
You must plan to live in the home within one year of buying it.

Official details

FederalNew builds

First-time home buyers’ GST/HST rebate

Up to $50,000all the GST, or the federal part of the HST, on a new home up to $1 million

WHO QUALIFIES First-time buyers 18 or older, citizens or permanent residents, who haven’t lived in a home they or their spouse owned this year or the previous four, buying or building a new home to live in.

Full rebate at $1 million or less, shrinking to nothing at $1.5 million. CRA’s example: a $1.25 million home gets $25,000.
Bought from a builder: the agreement must be signed on or after March 20, 2025 and before 2031, with construction starting before 2031.
It tops up the regular GST/HST new housing rebate, and applies only to newly built or substantially renovated homes.

Official details

FederalNew builds

GST/HST new housing rebate

Up to $6,30036% of the GST on new homes under $450,000

WHO QUALIFIES Anyone buying or building a new home as their own or a relative’s main residence, first-time buyer or not.

The full rebate applies at $350,000 or less and phases out by $450,000.
A builder can credit it to you at closing; otherwise you apply to the CRA, or to Revenu Québec for a home in Quebec.

Official details

Federal

CMHC Home Start: 30-year insured amortization

30 yearsinstead of 25 on an insured mortgage

WHO QUALIFIES Insured mortgages (under 20% down) where at least one borrower is a first-time buyer or the home is newly built.

The premium is 0.20 points higher: 4.20% instead of 4.00% with 5% to 9.99% down.
A longer amortization lowers the payment but adds interest over the life of the mortgage. Try both in the calculator.

Official details

Federal

First-Time Home Buyer Incentive

Closedno new applications since March 21, 2024

WHO QUALIFIES No longer open to new buyers.

It was a shared-equity mortgage with the Government of Canada worth 5 or 10% of the price toward the down payment.
CMHC granted no new approvals after March 31, 2024.

Official details

How land transfer tax works in Ontario

Ontario’s land transfer tax uses marginal rates for homes with one or two single-family residences: 0.5% up to $55,000, 1% to $250,000, 1.5% to $400,000, 2% to $2,000,000 and 2.5% above that. On the $925,900 Greater Toronto benchmark it’s $14,993.

Buy inside the City of Toronto and you also pay Toronto’s municipal land transfer tax, at the same rates up to $2,000,000 and higher rates above $3,000,000 since April 1, 2026. On the same price inside the city, the two come to $29,986.

Ontario land transfer tax
Part of the price	Rate	Tax on the $925,900 benchmark
Up to $55,000	0.5%	$275
$55,000 to $250,000	1%	$1,950
$250,000 to $400,000	1.5%	$2,250
$400,000 to $2,000,000	2%	$10,518
Above $2,000,000	2.5%	$0

City of Toronto municipal land transfer tax (on top)
Part of the price	Rate	Tax on the $925,900 benchmark
Up to $55,000	0.5%	$275
$55,000 to $250,000	1%	$1,950
$250,000 to $400,000	1.5%	$2,250
$400,000 to $2,000,000	2%	$10,518
$2,000,000 to $3,000,000	2.5%	$0
$3,000,000 to $4,000,000	4.4%	$0
$4,000,000 to $5,000,000	5.45%	$0
$5,000,000 to $10,000,000	6.5%	$0
$10,000,000 to $20,000,000	7.55%	$0
Above $20,000,000	8.6%	$0

Source: Ontario official rates. For a full breakdown at any price, try the land transfer tax calculator.

Closing costs in Ontario

CMHC puts closing costs at 1.5% to 4% of the price. In Ontario they include land transfer tax, Toronto’s tax if you buy in the city, legal fees and disbursements, title insurance and adjustments for property tax the seller prepaid.

Ontario also charges 8% retail sales tax on the CMHC premium if you put less than 20% down. Unlike the premium, that tax can’t go on the mortgage, so it’s cash on closing day: about $2,747 with the minimum down payment on the Greater Toronto benchmark.

On the $925,900 Greater Toronto benchmark
Cost	Amount	Notes
Land transfer tax	$14,993	$10,993 for an eligible first-time buyer
Toronto municipal land transfer tax	$14,993	Only inside the City of Toronto, plus a $102.56 administration fee and HST
Sales tax on the CMHC premium	$2,747	8% of a $34,332 premium at the minimum down payment
Legal fees and disbursements	Get a quote	Your lawyer also registers the transfer and mortgage
Home inspection	Get a quote	Optional; you can make your offer conditional on one
Title insurance	Get a quote	Optional; often arranged by your lawyer or notary
Property tax and utility adjustments	Varies	Repaying the seller for anything they prepaid past closing
CMHC’s rule of thumb	$13,889 to $37,036	1.5% to 4% of the price for all closing costs together

THE GUIDE

Buying a home in Ontario: what else to know

Ontario’s Non-Resident Speculation Tax

Foreign nationals (people who aren’t Canadian citizens, permanent residents or registered under the Indian Act), foreign corporations and taxable trustees pay a 25% Non-Resident Speculation Tax when they buy residential property anywhere in Ontario. The rate has been 25% since October 25, 2022, and it’s charged in addition to the regular land transfer tax.

In Toronto, foreign buyers of some homes also pay the City’s 10% Municipal Non-Resident Speculation Tax, in effect since January 1, 2025.

Down payment rules in Ontario

The minimum is 5% of the first $500,000 of the price and 10% of the part above it, so the $925,900 Greater Toronto benchmark needs at least $67,590. Above $500,000, every extra $100,000 of price adds $10,000 to the minimum. At $1.5 million or more you need 20%.

With less than 20% down your mortgage must be insured. The CMHC premium is 4.00% of the loan with under 10% down, 3.10% with 10% to 14.99% and 2.80% with 15% to 19.99%, and it can be added to the mortgage. The 8% sales tax on it can’t.

Using your FHSA and RRSP for an Ontario down payment

Each first-time buyer can withdraw their FHSA tax-free and take up to $60,000 from an RRSP under the Home Buyers’ Plan for the same home, so two buyers can put both plans toward one purchase.

FHSA withdrawals are never repaid. Home Buyers’ Plan withdrawals go back into your RRSP over up to 15 years, starting in the fifth year after the withdrawal for first withdrawals from 2026 to 2028.

Who pays land transfer tax in Ontario

The buyer pays it, when the transfer is registered, so it has to be in cash on top of the down payment: it’s a closing cost, not part of the mortgage.

For a first-time buyer, the refund is the main way to pay less: it covers the whole provincial tax on homes up to $368,000 and $4,000 of it above that. In Toronto, the municipal rebate adds up to $4,475 more.

Mortgage lenders in Ontario

Banks and lenders that lend in Ontario, listed for convenience, not ranked here. nesto’s published rates are for Ontario. See every lender’s current rates on mortgage rates in Canada.

Frequently Asked Questions

How do I use this Ontario mortgage calculator?

Pick an Ontario market, from Toronto and Ottawa to Windsor and Thunder Bay, to start from its benchmark price, or type your own. Set your down payment, rate and a 25 or 30 year amortization, and switch on the City of Toronto option if you’re buying there. You get the monthly payment, the CMHC premium and the 8% tax on it, land transfer tax with first-time rebates, and the cash you need on closing day.

How much is land transfer tax in Ontario?

0.5% up to $55,000, 1% to $250,000, 1.5% to $400,000, 2% to $2,000,000 and 2.5% above, each on its slice of the price. A $500,000 home pays $6,475; the $925,900 Greater Toronto benchmark pays $14,993.

What do first-time home buyers get in Ontario?

Up to $4,000 off Ontario’s land transfer tax, up to $4,475 off Toronto’s if you buy in the city, and up to $80,000 of the provincial HST back on a new home. Federally there’s the FHSA, up to $60,000 from your RRSP through the Home Buyers’ Plan, the $10,000 home buyers’ amount and up to $50,000 of GST back on a new home.

How much is the Ontario first-time home buyer land transfer tax rebate?

Up to $4,000, which means no provincial land transfer tax on homes up to $368,000. You must be 18 or older, a citizen or permanent resident, never have owned a home anywhere, and move in within 9 months.

How much is land transfer tax in Toronto?

Inside the City of Toronto you pay Ontario’s tax and Toronto’s municipal tax. On a $500,000 home that’s $12,950 in total, or $4,475 for an eligible first-time buyer. On the $925,900 Greater Toronto benchmark, it’s $29,986.

What is the minimum down payment in Ontario?

5% of the first $500,000 and 10% of the rest, the same across Canada. On the $925,900 Greater Toronto benchmark it’s $67,590. At $1.5 million or more you need 20%.

How much down payment does a first-time buyer need for a house in Ontario?

The same minimum as anyone, $67,590 on the Greater Toronto benchmark, but first-time buyers can draw on an FHSA and up to $60,000 each from an RRSP through the Home Buyers’ Plan, and can choose a 30-year insured amortization.

How do I estimate closing costs in Ontario?

Add land transfer tax (and Toronto’s, in the city), the 8% sales tax on any CMHC premium, legal fees, a home inspection, title insurance and adjustments. CMHC’s rule of thumb is 1.5% to 4% of the price. The calculator totals the ones we can compute and takes your quotes for the rest.

Is the First-Time Home Buyer Incentive still available in Ontario?

No. CMHC stopped taking applications on March 21, 2024, everywhere in Canada. The programs open now are the FHSA, the Home Buyers’ Plan, the home buyers’ amount, Ontario’s land transfer tax refund and the GST and Ontario HST rebates on new homes.

Who pays land transfer tax in Ontario?

The buyer, when the transfer is registered at closing. It’s paid in cash on top of the down payment.

Can you avoid land transfer tax in Ontario?

A first-time buyer gets up to $4,000 back, which covers the whole provincial tax on homes up to $368,000, plus up to $4,475 off Toronto’s tax. Otherwise buyers pay it at the published rates.

What is the monthly mortgage payment on a typical Ontario home?

On the Greater Toronto benchmark of $925,900 (August 2026), with 20% down at 4.5% over 25 years, about $4,100 a month. Ottawa, London and other Ontario markets are in the calculator’s list.

Sources

General information, not financial or legal advice. Programs have conditions on residency, past ownership and price; your lawyer or notary and the program will confirm what you qualify for. Rules checked October 16, 2026. See our methodology.