Home Cost Calculator
Calculate the true cost of buying a home in Canada including CMHC insurance, land transfer taxes, ongoing costs, and present value analysis with provincial variations.
Home Purchase Price
$650K
Total Present Value Cost
$1.4M
Monthly Payment
$4K
Total Interest
$508K
CMHC Insurance
$18K
Total Cost Breakdown (Present Value)
Property & Mortgage Details
Amount: $65K
CMHC insurance required (down payment < 20%)
Analysis & Breakdown
Upfront Costs
Day 1
Monthly All-In
Total monthly cost
Land Transfer Tax
Toronto, ON
Stress Test Rate
Qualification rate
Amortization Schedule
Executive Summary
Cost vs. Price Ratio
+215.9%
Interest as % of Price
+78.2%
Monthly Savings Needed
$3K
Opportunity Cost Analysis
By investing your $65K down payment at 5% annual returns instead of buying, you could have $220K after 25 years.
Key Insights
Your true cost of ownership (present value) is $1.4M, which is +115.9% more than the purchase price
You must qualify at the stress test rate of +7.5%
First month total cost: $5K(mortgage + taxes + insurance + utilities + maintenance)
CMHC insurance adds $18K to your mortgage
After 5 years, you'll have paid down $47K in principal
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Frequently Asked Questions
About This Calculator
Our Canadian Home Purchase Cost Calculator reveals the true total cost of buying a home in Canada, going far beyond just the purchase price. Many first-time homebuyers are surprised to discover that the upfront costs of homeownership can add 5-10% to their purchase price, while ongoing costs like property tax, utilities, maintenance, and mortgage interest can equal or exceed their monthly mortgage payment. This comprehensive calculator models all aspects of Canadian homeownership costs including down payment, CMHC mortgage insurance (required for down payments under 20%), land transfer taxes (which vary significantly by province), legal fees, home inspection costs, moving expenses, ongoing property taxes, utilities, home insurance, maintenance reserves, and mortgage carrying costs. Understanding these hidden costs is crucial for determining how much house you can truly afford and avoiding the financial stress that comes from underestimating the total burden of homeownership. The calculator also models the "hidden moving tax" - the one-time cost spike when you first move in that catches many new homeowners off guard.
Key Features
- Calculate total upfront costs: down payment, closing costs, CMHC insurance
- Model CMHC mortgage insurance for down payments under 20%
- Calculate land transfer tax for all Canadian provinces (including BC/Toronto premiums)
- Show ongoing monthly costs: mortgage, property tax, utilities, insurance, maintenance
- Model the "hidden moving tax" of furniture, appliances, and initial setup costs
- Compare rent vs buy scenarios with true cost analysis
- Calculate how much house you can truly afford
- Provincial cost variations and homebuyer incentive programs
When to Use This Calculator
- First-time homebuyers determining realistic purchase budgets
- Renters comparing whether homeownership makes financial sense
- Families relocating to different Canadian provinces comparing housing costs
- Individuals evaluating condo vs house ownership costs
- Retirees downsizing and analyzing cash flow impact
- Mortgage brokers helping clients understand total cost of homeownership