Free Buyer ToolCalculate real monthly costs, land transfer taxes & qualifying income for any GTA condo.
GTA Condo Cost & Income Calculator
See what a condo actually costs to own — mortgage payments, land transfer taxes, closing costs, and the household income needed to qualify under current Canadian mortgage rules.
1Property Basics
Leave blank if you're just exploring — you don't need a specific listing to use this calculator.
2Monthly Carrying Costs
3Mortgage Assumptions
Default reflects a current low insured 5-yr fixed rate. Update this to whatever rate you're working with.
Options update automatically to match the legal minimum for this price, plus any 10/15/20% tiers above it.
30-yr is available because you're a first-time buyer, buying new construction, or putting 20%+ down.
Flat estimate for lawyer fees, title insurance, and closing adjustments.
Your 3 Key Numbers
4Down Payment Scenarios — 25yr vs 30yr
| Scenario | Down Payment | DP % | Insured | Premium | Total Mortgage | Payment (25yr) | Payment (30yr) |
|---|---|---|---|---|---|---|---|
| Minimum Down Payment (0.00%) | $0 | 0.00% | Yes | $0 | $0 | $0.00 | $0.00 |
| 10% Down | $0 | 10.00% | Yes | $0 | $0 | $0.00 | $0.00 |
| 15% Down | $0 | 15.00% | Yes | $0 | $0 | $0.00 | $0.00 |
| 20% Down (No Insurance) | $0 | 20.00% | No | — | $0 | $0.00 | $0.00 |
Monthly payments assume Canadian semi-annual compounding. 30-yr amortization rule: on an insured mortgage (under 20% down), 30-yr is only available to first-time buyers or new-construction purchasers — otherwise the maximum is 25-yr. On a conventional mortgage (20%+ down), 30-yr is available regardless of buyer status, subject to individual lender availability.
5Estimated Household Income Required — Assuming No Other Debt
Gross household income needed to pass the mortgage stress test at each down payment level.
Down payment $0 · Mortgage $0 · Payment $0.00/mo (25yr)
Down payment $0 · Mortgage $0 · Payment $0.00/mo (25yr)
Down payment $0 · Mortgage $0 · Payment $0.00/mo (25yr)
Down payment $0 · Mortgage $0 · Payment $0.00/mo (25yr)
This is an educational estimate, not a mortgage pre-approval. Actual qualification depends on:
- Other debts (car loans, credit cards, lines of credit, other properties)
- Credit score and credit history
- Income type (salaried, self-employed, commission, contract)
- The specific lender's policies and rate offer
- The mortgage product chosen (insured, insurable, conventional, alternative)
- Full Total Debt Service (TDS) as well as Gross Debt Service (GDS) underwriting
These figures are never a guarantee of mortgage qualification — speak with a mortgage professional for a real pre-approval.
6Estimated Cash Required to Close
Down payment + land transfer tax (after rebates) + RST on mortgage default insurance + legal/title/adjustments — the actual cash needed on closing day.
Monthly Cost Detail
Want this run for a specific listing?
I'll pull the real numbers for any condo you're considering — taxes, fees, and financing — and walk you through what it actually takes to buy it.
Disclaimer: This calculator is provided free as an educational resource. All figures are estimates for general information purposes only — they are not a mortgage pre-approval or a guarantee of qualification. Actual costs and qualification depend on your specific debts, credit, income type, lender, interest rate, mortgage product, and full underwriting. Confirm current rates, insurance premiums, and land transfer tax rules with a licensed mortgage professional and your lawyer before relying on these figures.