Mortgage calculator · Ontario
Pre-con mortgage calculator
Enter a price, compare down payments side by side, and see your payment, the income you'd need to qualify, and the cash you'll need at closing.
Cash needed at closing
On pre-construction, most of your down payment is paid earlier as deposits to the builder (often 10%–20% over the first year or two), so less is due at closing. New homes can also have closing adjustments like development charges, utility hook-ups and the Tarion enrolment fee. Ask me for a project's caps before you sign.
Projects starting under this price
Want me to run the numbers on a real project?
Tell me which projects you like. I'll send the price list, floor plans, deposit structure and current builder incentives, and we can visit the sales offices together. My help is free to you: the builder pays my fee.
How the numbers work
- Minimum down payment: 5% of the first $500,000 and 10% of the rest, up to $1.5M. From $1.5M, you need 20% down.
- Mortgage insurance: with less than 20% down, a premium (2.8%–4.0%, plus 0.2% for a 30-year amortization) is added to your mortgage. Ontario charges 8% sales tax on that premium, paid in cash at closing.
- Income needed: lenders check you could afford payments at the higher of 5.25% or your rate plus 2% (the stress test). Housing costs can be up to 39% of gross income. This estimate assumes no other debts, property tax of about 1% of the price a year and $100 a month for heating, which is what lenders typically add. Car payments or other debts raise the income you need.
- Pre-construction: your mortgage is finalized near closing, which can be a few years away, so the rate and rules at that time apply. Leave yourself some room.
General information only, not financial advice. Rules as of October 2026 and can change. Your lender and mortgage specialist will confirm your real numbers.