BAJANI MORTGAGE
Your Pathway to Homeownership.
Free Tool
Mortgage Payment Calculator for Ontario Homebuyers
Estimate your mortgage payment, default insurance premium and monthly carrying costs — then download a branded PDF report with the full breakdown.
Your Numbers
Leave at 0 for freehold properties.
Estimated Purchase Price
$650,000
Estimated Down Payment
$85,000
Estimated Mortgage
$582,515
Estimated Payment
$3,319
Monthly
Your Scenario
- Purchase price
- $650,000
- Down payment
- $85,000 (13.1%)
- Default insurance premium
- $17,515
- Mortgage amount
- $582,515
- Interest rate
- 4.79%
- Amortization
- 25 years
- Payment frequency
- Monthly
- Property tax (annual)
- $4,800
- Heating (monthly)
- $120
Compare Your Mortgage Scenarios
| Scenario | Purchase Price | Down Payment | Mortgage | Est. Payment |
|---|---|---|---|---|
| Conservative | $585,000 | $85,000 | $515,500 | $2,937/mo |
| Target | $650,000 | $85,000 | $582,515 | $3,319/mo |
| Higher Purchase Price | $715,000 | $85,000 | $649,530 | $3,700/mo |
Illustrative scenarios based on calculator assumptions.
How Your Down Payment Changes the Picture
| Down Payment | % of Price | Mortgage | Insurance | Est. Payment |
|---|---|---|---|---|
| $65,000 | 10.0% | $603,135 | $18,135 | $3,436/mo |
| $85,000 | 13.1% | $582,515 | $17,515 | $3,319/mo |
| $130,000 | 20.0% | $520,000 | Not applicable | $2,962/mo |
Illustrative down-payment levels based on calculator assumptions. Default-insurance eligibility depends on the property, purchase price, amortization and lender guidelines.
Mortgage Stress Test Snapshot
Contract Interest Rate
4.79%
Qualifying Rate
6.79%
Estimated Actual Payment
$3,319/mo
Estimated Qualifying Payment
$4,005/mo
Qualifying-rate assumption used: the greater of 5.25% or your contract rate plus 2%. As of: 2026-08-01.
Why this matters
Canadian qualification rules generally require your mortgage application to be assessed at a qualifying rate that is higher than the rate you would actually pay. The qualifying payment shown above is the payment used in that assessment, not the payment you would make.
Testing your file at the higher rate is a way of checking whether the mortgage would still be manageable if rates were higher at renewal. Actual requirements vary by lender, mortgage type and whether the mortgage is insured.
What This Means for You
Based on the information entered, your estimated mortgage of $582,515 carries an estimated monthly payment of $3,319. Including the property costs you entered, the estimated monthly carrying cost is approximately $3,839.
Your down payment is below 20% of the purchase price, so default mortgage insurance would generally apply and has been added to the mortgage amount shown. Insurance eligibility depends on the property, purchase price, amortization and lender guidelines.
A full mortgage assessment would still be required to verify income, credit, debts, property details and lender requirements.
Your Pathway to Homeownership Starts With Understanding Your Numbers
Your calculator results are estimates. Nandan Bajani can help you review your situation and understand your mortgage options.
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Related Resources
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