Toronto Condo Team
Down Payment Calculator Ontario
See How Much You Need to Buy Estimate the down payment for an Ontario home or Toronto condo, compare different amounts, and see how your savings connect to your mortgage and overall buying power.
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Calculate Your Down Payment
Knowing what a property costs is only part of preparing to buy. You also need to know how much cash should go toward the down payment, what that leaves you to finance, and how much should remain available for closing and ownership costs.
Our down payment calculator Ontario buyers can use gives you a practical starting point. Enter the purchase price you are considering, estimate the minimum down payment, then compare different amounts before deciding what feels appropriate for your situation.
We can then help you connect those numbers to your mortgage, affordability, and the Toronto or GTA properties that fit your budget.
Use the calculator to:
The value is not just in seeing one number. It is in being able to change the assumptions and understand how each decision may affect your mortgage and overall budget.
Ontario Rules
How Much Down Payment Do You Need in Ontario?
The minimum generally depends on the purchase price and whether the purchase qualifies for insured financing. Under current CMHC rules:
$500,000 or Less
The minimum down payment is generally 5% of the purchase price.
$500K – $1.5M
The minimum is generally 5% of the first $500,000, plus 10% of the portion above.
$1.5 Million or More
Mortgage loan insurance is not available, and a minimum down payment of 20% is generally required.
Important point: The percentage does not simply jump from 5% to 10% on the entire purchase price once a home costs more than $500,000. Our calculator makes that easier to see without working through the thresholds manually.
How Much Down Payment Do You Need for a Toronto Condo?
A Toronto condo does not automatically require 20% down simply because it is a condo. For an eligible owner-occupied purchase, the same general minimum-down-payment structure can apply to a condo as to other qualifying homes. Purchase price and financing eligibility are the key factors.
So when we are asked about the down payment for a condo Toronto buyers may need, we start with the purchase price. A $650,000 condo and a $1.2 million condo can require very different amounts upfront. We also look beyond the minimum because buying a condo involves more than producing the down payment itself.
Your available cash may also need to cover:
- Land transfer tax
- Immediate ownership costs
- Legal fees
- A financial reserve after closing
- Closing adjustments
- Moving expenses
That is why answering how much down payment for a condo with a percentage alone does not tell you everything. We help you connect the initial cash requirement to the whole picture.
Planning
Minimum Down Payment or 20%: What Makes Sense for You?
The minimum down payment is a requirement. The amount you choose to put down is a planning decision. If you have more than the minimum saved, it can be useful to compare several scenarios rather than automatically putting every available dollar into the property.
Putting Down the Minimum
A smaller down payment keeps more cash available upfront but means more of the purchase needs to be financed.
Considerations- More cash stays in your savings
- Mortgage loan insurance may apply
- Larger mortgage balance to repay
- Higher monthly payments likely
Putting More Down
Increasing your down payment can reduce the amount you need to borrow, your mortgage principal, mortgage-insurance costs where applicable, and your estimated mortgage payment.
Trade-offs- Less cash remains available
- Smaller mortgage to repay
- Lower or no mortgage insurance
- Reduced monthly payments
Reaching 20%
A 20% down payment generally takes an eligible purchase out of high-ratio insured financing, although lender qualification and financing requirements still apply.
Key point- Generally no mortgage loan insurance
- Lower overall borrowing
- More equity from day one
- Lender qualification still applies
How much can we comfortably put down while still keeping enough money available for closing and life after the purchase?
We prefer a more practical question than simply asking whether you can reach 20%. That helps turn the percentage into an actual buying plan.
Mortgage Impact
How Your Down Payment Changes Your Mortgage
At its simplest:
Putting more down generally means borrowing less. But the actual mortgage payment will also depend on factors such as:
- Interest rate
- Mortgage structure
- Amortization
- Mortgage insurance where applicable
- Payment frequency
Once you have an estimated down payment, our Mortgage Calculator can help you compare what the payment may look like at different purchase prices and financing terms.
If your down payment is below 20%, mortgage loan insurance may be required for an eligible purchase. Current CMHC purchase insurance is available for qualifying homeowner loans below $1.5 million, while properties at or above that amount are outside CMHC's insured-purchase program.
The premium depends in part on the loan-to-value ratio, so the amount you put down can affect the insurance cost. Rather than treating that premium as a separate mystery, we recommend calculating it alongside the down payment.
Current CMHC Premium Rates (Estimated)
Rates are estimated and shown as a percentage of the mortgage amount.
Having enough for the minimum down payment does not necessarily mean you have enough cash for the entire purchase. We encourage buyers to separate three amounts:
Down Payment
The portion of the purchase price you pay upfront.
Closing Costs
Taxes, fees, and expenses required to complete the purchase.
Cash After Closing
Financial reserve for life after you take ownership.
Your closing budget may also need to account for:
- Ontario land transfer tax
- Property adjustments
- Toronto Municipal Land Transfer Tax where applicable
- Inspection expenses where applicable
- Legal fees and disbursements
- Moving costs
- Title insurance
- Immediate home or condo expenses
This is particularly important in Toronto, where an applicable municipal land transfer tax can sit alongside the provincial tax.
If you are buying your first home, your down payment may come from more than ordinary cash savings.
First Home Savings Account (FHSA)
The FHSA allows eligible first-time buyers to save toward a qualifying first home. Current CRA rules provide $8,000 of participation room in the year the first FHSA is opened.
RRSP Home Buyers' Plan
The Home Buyers' Plan currently allows an eligible participant to withdraw up to $60,000 from an RRSP toward a qualifying home. CRA also confirms an eligible buyer can use an HBP withdrawal and a qualifying FHSA withdrawal for the same home when the requirements for both are met.
We recommend confirming eligibility and tax implications with the appropriate financial or tax advisor. We can then help you take the funds available for the purchase and apply them to a realistic Toronto or GTA buying plan.
This is one of the most useful questions to answer before making an offer. A larger down payment can reduce your mortgage, but using nearly all of your liquid savings can leave little flexibility once you take ownership.
You may want cash available for:
- Closing costs
- Condo-related expenses
- Moving
- Unexpected ownership costs
- Furniture or immediate repairs
- An emergency reserve
There is no single percentage that fits every buyer. We help you look at the property price, expected monthly carrying costs, closing requirements, and your preferred financial cushion together. That creates a better foundation than aiming for the largest down payment possible without considering what happens after closing.
Property Search
See What Your Down Payment Can Buy in Toronto and the GTA
Once you know how much you are comfortable putting down, the property search can become much more focused.
Toronto Condos
Downtown, midtown, and neighbourhood options across the city.
Lofts
Hard and soft lofts with character and open-concept layouts.
Townhomes
Multi-level living with private entrances in Toronto and GTA.
Semi-Detached Homes
Space and privacy with shared-wall efficiency.
Detached Homes
Full privacy and yard space across Toronto and the GTA.
New Developments
Pre-construction condos and homes in emerging communities.
Compare the Complete Buying Scenario
A single calculator rarely tells the whole story. We have organized our financing tools so you can work through the purchase in a logical sequence.
Together, these calculations can give you a clearer answer to the question that matters most: What will it take to buy and comfortably carry the property?
Take the Next Step
Ready to See What Your Down Payment Can Buy?
Start by calculating how much you may need. Then compare the mortgage, closing costs, and property options that fit your situation.