Total Cost of Homeownership Calculator (Canada)

Q: Does this include mortgage insurance (CMHC)?

By default, no. You can optionally enable a simple estimate, but actual premiums depend on down payment and lender rules.

Q: Is property tax the same everywhere in Canada?

No. Property tax varies by municipality. Enter your annual tax if known or use the percent-of-price estimate as a rough guide.

Q: How much should I budget for maintenance?

A common rule of thumb is around 1% of home value per year, but older homes may require more. Condos may have higher condo fees instead.

Q: What’s next if my total cost is too high?

Try scenarios: lower price, higher down payment, or compare renewal/refinance options. Use Mortgage Renewal and Mortgage Refinance calculators for next steps.

Estimate your true monthly and yearly cost of owning a home: mortgage, property tax, insurance, utilities, maintenance, and condo/HOA fees.

Home & mortgage

Purchase price

Home price (before down payment).

Down payment (%)

We’ll estimate down payment amount from this %.

Estimated down payment amount

$—

This is calculated from price × down payment %.

Mortgage interest rate (%)

Amortization (years)

Optional (mortgage insurance & closing)

Mortgage insurance (CMHC etc.)

If you put under 20% down, insurance may apply. “Estimate” is a rough guide.

One-time closing costs

Optional. We show “first-year total incl. closing”.

Ongoing ownership costs

Property tax input

Annual property tax

If you don’t know, switch to “% of price”.

Home insurance (annual)

Utilities (monthly)

Condo/HOA fees (monthly)

Leave $0 for detached homes.

Maintenance (% of home price / year)

Rule of thumb: 1%/year (varies by age/condition).

Results

Total monthly cost

$—

Mortgage + taxes + insurance + utilities + maintenance + condo

Total yearly cost

$—

Mortgage payment (monthly)

$—

First-year total incl. closing

$—

Monthly cost breakdown

Chart renders if Chart.js is available. Results still work without it.

Breakdown table

Cost	Monthly	Yearly
Mortgage (P+I)	$—	$—
Property tax	$—	$—
Home insurance	$—	$—
Utilities	$—	$—
Maintenance	$—	$—
Condo/HOA	$—	$—
Total	$—	$—

Total cost of homeownership in Canada

The mortgage payment is only part of what it costs to own a home. Many buyers focus on principal and interest, but real monthly ownership cost also includes property tax, home insurance, utilities, ongoing maintenance, and (for condos) monthly condo or HOA fees. This calculator adds these items together so you can budget with a single, realistic monthly number.

What’s included in this calculator

We estimate your mortgage payment using the loan amount (purchase price minus down payment), interest rate, and amortization period. Then we convert annual costs like property tax and insurance into monthly equivalents. Utilities and condo/HOA fees are entered as monthly amounts. Maintenance is estimated as a percentage of the home’s price per year, which is a common rule of thumb.

How to use the results

Use “Total monthly cost” as your budgeting number. If the total is too high, you can test scenarios quickly: increase the down payment, choose a lower purchase price, adjust the rate, or reduce recurring costs. The breakdown chart helps you see what drives your costs most. In many areas, property tax and condo fees can rival the mortgage payment impact over time.

FAQ

Does this include mortgage insurance (CMHC)?

By default, no. You can optionally enable a simple estimate. Actual CMHC/Sagen/Canada Guaranty premiums depend on down payment and lender rules, so use this as a planning estimate only.

Is property tax the same everywhere in Canada?

No. Property tax varies by municipality and assessment. If you know the annual tax amount, enter it directly. Otherwise, use the “% of price” estimate as a rough starting point.

How much should I budget for maintenance?

A common rule of thumb is about 1% of the home’s value per year, but older homes may require more. Condos may have lower individual maintenance but higher condo fees.

Why might my lender payment differ from this calculator?

Lenders may use different compounding conventions and include escrow/other items. This tool is designed for budgeting and comparison, not as a lender statement.

What’s next if my total cost is too high?

Consider a lower price range, a larger down payment, or comparing renewal/refinance scenarios. See our Mortgage Renewal Calculator and Mortgage Refinance Calculator.

Disclaimer: Estimates only. Taxes, insurance, and lender terms vary. Verify numbers with your municipality, insurer, and lender.