Each part of the site now has its own focused page, so you can calculate, check qualification requirements, or review mortgage services without scrolling through one long page.
Explore payments, affordability, mortgage insurance, Ontario closing costs, refinancing, and the trade-off between renting and buying. Then bring the result to a real lender review.
Mortgage payment
Includes an estimated default-insurance premium when your down payment is below 20%.
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Quick down-payment options
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Payment frequency
Accelerated bi-weekly means paying half of the regular monthly payment every two weeks. That creates 26 payments a year—the equivalent of 13 monthly payments—helping pay down the mortgage faster and usually reducing total interest.
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Enter any optional extra amount and choose whether it is paid monthly, biweekly, or yearly. The chart and totals will show the estimated faster payoff and interest savings. Confirm your lender’s prepayment limits before making extra payments.
Minimum down payment rules and insurance premiums are estimates. For insured mortgages over 25 years, the estimate includes a 0.20% premium surcharge; eligibility still applies.
Home affordability
Uses common insurer guidelines—39% GDS, 44% TDS—and the federal mortgage stress test.
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This is a planning estimate, not a pre-approval. Credit, income type, property, and lender policy can change the result.
CMHC mortgage insurance premium
See the loan-to-value ratio, the standard owner-occupied premium tier, and the premium added to an insured mortgage.
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Standard purchase premiums shown: 2.80% at 80.01–85% LTV, 3.10% at 85.01–90%, and 4.00% at 90.01–95%. Ontario charges 8% provincial sales tax on the premium, payable at closing.
Ontario land transfer tax
Estimate provincial tax, Toronto municipal tax, and available first-time buyer rebates.
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Property location
Buyer status
Rebates are subject to eligibility and residency requirements. Confirm the final statement of adjustments with your lawyer.
Ontario closing cost estimator
Combines land transfer tax, eligible rebates, mortgage-insurance tax, legal fees, and other costs into one itemized estimate.
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Property location
Buyer status
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The CMHC premium is normally added to the mortgage, not paid in cash. This total includes Ontario’s 8% tax on that premium, which is due at closing.
Refinance comparison
Compare payment and interest direction. Add your penalty, legal, appraisal, and discharge costs for a more realistic break-even.
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Penalty estimates can vary sharply by lender and mortgage type. Request an exact payout statement before deciding.
Rent vs buy comparison
Compare the net cost of renting with the net cost of owning and selling after your expected time in the home.
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Buying cost includes Ontario land transfer tax, $2,500 for legal and other costs, applicable CMHC premium tax, 1% property tax + 1% maintenance per year, and 5% selling costs. Opportunity cost and investment returns are not included.
Qualification guide
What a lender needs to see.
Use this as a document and eligibility checklist for employed or self-employed income. It separates the main-lender route from alternate programs, so you can see where the rules and trade-offs change.
Employed, self-employed, and alternate-lender requirements
Main / prime lender path
Published bank requirements, with CMHC’s insured framework.
TD planning targets35% / 42%GDS / TDS should be at or below these levels.
CMHC insured maximums39% / 44%Maximum GDS / TDS, subject to the lender’s own approval.
CMHC stress test+2% or 5.25%Qualify at the greater of contract rate + 2% or 5.25%.
Employed borrowers
A practical prime-lender checklist based on RBC’s published borrower guide, TD’s affordability guidance, and CMHC’s insured criteria.
Income and identity documents
Valid government-issued identification.
A recent pay stub or T4 as proof of income.
A summary of assets and liabilities, including savings, investments, and lines of credit.
Confirmation of where the down payment is coming from.
TD’s public affordability target is GDS at or under 35% and TDS at or under 42% of pre-tax household income.
For an insured loan, CMHC publishes maximums of 39% GDS and 44% TDS.
At least one borrower or guarantor must have a minimum credit score of 600 for a CMHC-insured homeowner loan. RBC and TD do not publish a minimum score for their broader mortgage programs.
The insured qualifying rate is the greater of the contract rate + 2% or 5.25%.
Property and borrower basics for insured financing
The home must be in Canada and suitable and available for full-time, year-round occupancy with year-round access.
Homeowner financing is for owner occupancy, with insured financing available for one property per borrower or co-borrower at a time.
Eligible borrowers include Canadian citizens, permanent residents, and non-permanent residents legally authorized to work in Canada.
The down payment may come from savings, sale of a property, or a non-repayable gift from a relative; borrowed sources are not permitted under the cited CMHC product disclosure.
CMHC’s Self-Employed mortgage-insurance program is the published prime framework shown here. Individual lenders may add their own overlays.
Business history
CMHC recommends at least 24 months operating the business or working in the same line of work.
Less than 24 months may still be considered when supported by an established-business acquisition, sufficient cash reserves, predictable earnings, prior training or education, and a demonstrated history of managing credit.
Notice of Assessment accompanied by the T1 General, proof of income, and Statement of Business Activities (T2125).
Supporting evidence can include tax returns with NOAs, business credit reports, GST returns, active business-account statements, business licences or articles of incorporation.
Financial statements may be audited or supported by a Review Engagement Report signed by a practicing accountant.
For a recently self-employed borrower, previous employment documents, recent account statements, business records, and signed contracts may support the application.
CMHC’s public material does not specify how many years of NOAs, T1s, or T2125s are required; the lender must confirm the file-specific period.
The same insured maximums apply: 39% GDS, 44% TDS, and qualification at the greater of contract rate + 2% or 5.25%.
At least one borrower or guarantor must meet CMHC’s published 600 minimum credit score.
CMHC does not publish a separate self-employed down-payment minimum, so the standard insured tiers above apply.
For owner-occupied 1–4 unit properties, published base premiums range from 0.60% at up to 65% LTV to 4.00% at 90.01–95% LTV; 90.01–95% with a non-traditional down payment is 4.50%.
Alternate programs can consider credit events, higher debt-service ratios, bank-statement income, or substantial assets. The trade-off can include lender fees, rate premiums, lower maximum loan-to-value, or narrower property and market rules.
Detailed example
Equitable Bank BFS
Business-for-self / stated-income qualification, from Equitable’s live product page and April 2026 broker specification.
The Extended Ratio Product permits up to 60% GDS / 60% TDS in select markets; standard alternative ratios are 50% / 50%.
Qualify at the higher of contract rate + 2% or the benchmark; maximum amortization is 30 years.
Less than two years self-employed can be accepted. Income proof is 12 months of business bank statements or business financials, plus a signed Declaration of Income; net income is used to qualify.
Gifted down payment is accepted. Previous bankruptcy, consumer proposal, and limited credit may be considered; scores below the published 500+ benchmark are case-by-case.
Standard alternative deals carry a 1% commitment fee, although no-fee options are published. Pricing is beacon-score driven rather than a single flat rate premium.
No maximum loan amount is published; rentals, secondary homes, and investment properties may be eligible, and a 90-day rate hold is available.
Home Trust Classic
Product guide says updated February 26, 2024.
No minimum FICO published; prior bankruptcy can be considered.
Up to 80% LTV, 30-year amortization, and flexible GDS / TDS.
Qualify at the greater of contract rate + 2% or the minimum qualifying rate.
Lender fees start at 1% for closed mortgages and 2% for open mortgages; a rate premium may apply.
Purchase or refinance; owner-occupied and rental properties. Rate hold: 90 days purchase, 60 days refinance.
Stated-income program. The undated public package appears to predate the December 2024 insured-limit changes.
Minimum two years in business, confirmed by licence, articles, or GST/HST registration.
650 FICO insured or 680 insurable for each applicant; maximum 39% GDS / 44% TDS.
Maximum 90% LTV and 25-year amortization; minimum 10% down, with 5% from the borrower and the rest permitted as an immediate-family gift. Borrowed down payment is not allowed.
Requires two years of T1 Generals and arm’s-length/CA-prepared business statements, or audited corporate financials, plus the latest NOA showing line 150 and no tax arrears.
Commission income is ineligible; no prior bankruptcy. Published loan limits are $750,000 in metro Toronto, Vancouver, and Calgary, or $600,000 elsewhere, with a $150,000 minimum.
Qualification requirements vary by lender and are subject to change — please confirm the current criteria with your mortgage agent before relying on them. Sources were reviewed October 10, 2026; older or undated product sheets are identified above.
We discuss your goal, timing, income, down payment, current debts, and any concerns before paperwork begins.
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Numbers and document plan
You receive a practical range and a clear checklist built around your situation—not a generic pile of documents.
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Lender match and submission
I compare suitable options and explain payment, restrictions, prepayment privileges, and costs before you choose.
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Approval through closing
I coordinate outstanding conditions and stay available through lawyer instructions, funding, and your first payment.
Common questions
Useful context before you apply.
Does using a mortgage agent cost the borrower?
For many prime residential mortgages, the lender pays the broker fee. Alternative, private, or complex financing may involve a borrower-paid fee; any fee should be disclosed before you proceed.
Is the lowest rate always the best mortgage?
Not always. Penalty calculation, portability, prepayment options, restrictions, and qualification can matter more than a small rate difference—especially if your plans may change.
Can I qualify if I am self-employed?
Often, yes. The route depends on your business history, tax returns, credit, down payment, and whether your reported income supports the loan. A document review usually reveals the best next step.
How reliable are the calculators?
They are useful planning tools, not commitments. Real approvals depend on lender and insurer rules, income verification, credit, debts, property details, and the interest rate available when you apply.