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Six real calculators
Every number, before you need it.
Built on Canadian rules, not American ones: semi-annual compounding, CMHC premium bands, the 25-year insured cap, the federal stress test and Ontario land transfer tax with the first-time buyer rebate. Nothing here asks for your email.
Tool 01
Mortgage payment
Drag the sliders. Under 20% down, CMHC insurance is added to the mortgage and the amortisation is capped at 25 years — both handled automatically.
Accelerated bi-weekly is half the monthly payment taken 26 times a year. It quietly makes one extra monthly payment annually and takes roughly three years off a 25-year term.
Tool 02
What can I actually afford?
Lenders test you against two ratios — GDS at 32% and TDS at 40% — at the greater of your rate plus two points or 5.25%. This shows you which one is holding you back.
Car loans, credit card minimums, lines of credit and student loan payments all count as other monthly payments. So does half of any condo fee.
You could likely buy up to
- Housing budget / month
- Qualifying (stress test) rate
- What is limiting you
An estimate, not a pre-approval. Lenders also weigh credit score, employment history and the property itself.
Talk to a broker I trustTool 03
Ontario land transfer tax
Payable to the province on closing day, in cash — it cannot be rolled into the mortgage. London has no municipal land transfer tax, so unlike Toronto you pay this once.
How the brackets work
- 0.5% on the first $55,000
- 1.0% from $55,000 to $250,000
- 1.5% from $250,000 to $400,000
- 2.0% from $400,000 to $2,000,000
- 2.5% above $2,000,000
Due on closing
- Land transfer tax
- First-time buyer rebate
To qualify for the rebate you must be 18 or older, have never owned a home anywhere in the world, and occupy the home within nine months.
Tool 04
Closing costs, itemised
The bill nobody warns first-time buyers about. Budget 1.5% to 3% of the purchase price on top of your down payment — all of it in cash, on closing day.
Legal, title, inspection and appraisal figures are typical London quotes and will vary by provider. Adjustments cover property tax and utilities the seller has already prepaid. Moving and utility hookups are an allowance, not a quote.
Cash needed on closing day
Down payment plus every cost below
- Land transfer tax
- PST on CMHC premium
- Lawyer & disbursements
- Title insurance
- Home inspection
- Appraisal
- Tax & utility adjustments
- Moving & hookups
- Closing costs total
Tool 05
Rent or buy?
Compares what you spend renting — with your down payment invested at 5% instead — against what you spend owning, net of the equity you build and 5% selling costs at the end.
After your time horizon
- Total rent paid
- Total cost of owning
- Equity after selling costs
- Monthly cost to own
Owning includes the mortgage plus property tax at 1% and upkeep at 0.5% of value a year. Renting assumes 2.5% annual rent increases. Nobody can forecast appreciation — move that slider to see how much the answer depends on it.
Tool 06 · for sellers
What you actually walk away with
Sale price is not proceeds. Here is the same arithmetic your lawyer will do, so there are no surprises on the statement of adjustments.
Commission is split between the listing and buying sides and is always negotiable. If you are discharging a mortgage mid-term, ask your lender for the penalty — it is not included here.
Estimated net proceeds
- Commission
- HST on commission
- Lawyer & discharge
- Prep & staging
