Your mortgage payment is only part of the picture. This calculator adds property tax, insurance, condo fees, maintenance reserves, and amortized CMHC costs to reveal the real monthly cost of owning your home.
A widely used rule of thumb: budget 1% of your home's purchase price per year for ongoing maintenance and repairs. For a $650,000 home, that's $6,500 per year ($542/month). This covers items like furnace servicing, roof repairs, plumbing issues, and general upkeep. Older homes or those with deferred maintenance may require more.
Condo fees typically include contributions to the building's reserve fund for major repairs (roof, elevators, parking, etc.). Because this is already bundled into your monthly condo fee, we exclude a separate maintenance reserve for condos. However, individual unit maintenance (in-suite repairs) is not covered by condo fees — you may want to budget an additional $1,500–$2,500/year for this.
Land transfer tax varies by province. Ontario and BC use tiered rates (e.g., Ontario: 0.5% on first $55,000, 1% up to $250,000, 1.5% up to $400,000, 2.0% up to $2M). Alberta has no provincial land transfer tax. Quebec has a "welcome tax" (taxe de bienvenue) with similar tiers. This calculator estimates Ontario LTT by default — the actual figure for your province may differ.
Yes. The CMHC premium is added to your mortgage balance and amortized over the full amortization period. This calculator shows it as a separate line item so you can see how much of your monthly payment is attributable to CMHC insurance. For down payments of 20% or more, no CMHC insurance applies.