The Flowers Team at Royal LePage Meadowtowne Realty
Ontario Home Buying Calculators
Know your numbers before you make your move. Use our free tools to estimate your land transfer tax and monthly mortgage payment, so you walk into every conversation with confidence.
2
Free Calculators
LTT & Mortgage
Land Transfer Tax and Mortgage
25+ Years
Helping MIlton Buyers
This page provides two free calculators for Ontario home buyers: a land transfer tax calculator and a mortgage payment calculator. Estimate your closing costs, your monthly payment, and your first-time buyer rebate before you start your search. The Flowers Team has helped Milton buyers understand these numbers for more than 25 years.
Ontario Land Transfer Tax Calculator
When you purchase a home in Ontario, you are required to pay a Land Transfer Tax to the provincial government. The amount is based on the purchase price and calculated on a tiered scale. First-time home buyers in Ontario may qualify for a rebate of up to $4,000, and our calculator factors that in automatically.
How Is Ontario Land Transfer Tax Calculated?
Ontario LTT is calculated on a tiered scale based on the purchase price of the home:
- 0.5% on the first $55,000
- 1.0% on the amount from $55,001 to $250,000
- 1.5% on the amount from $250,001 to $400,000
- 2.0% on the amount from $400,001 to $2,000,000
- 2.5% on amounts above $2,000,000
First-time home buyers in Ontario qualify for a rebate of up to $4,000 on provincial land transfer tax. To qualify, you must be a Canadian citizen or permanent resident, be 18 or older, have never owned a home anywhere in the world, and intend to occupy the home as your principal residence within 9 months of closing.
Note: buyers purchasing in the City of Toronto also pay a separate municipal land transfer tax on top of the provincial tax. Milton has no municipal land transfer tax, so Milton buyers pay the provincial tax only.
Mortgage Payment Calculator
Knowing your estimated monthly payment before you start touring homes in Milton puts you in the strongest possible position. Use this calculator to get a realistic sense of what fits your budget, based on purchase price, down payment, amortization period, and interest rate. For a pre-approval based on your actual financial profile, your mortgage broker is your best next step.
Down payments under 20% require CMHC mortgage default insurance.
Ready to Turn These Numbers Into a Plan?
Calculators are a great starting point, but every buyer's situation is different. We've helped over 200 Milton families move each year, and we're here to walk you through exactly what your numbers mean in today's market. Let's talk.
Frequently Asked Questions About Buying Costs in Ontario
We've answered the questions we hear most from buyers, from first-time purchasers to those moving up in the Milton market.
What is Ontario land transfer tax and do first-time buyers get a rebate?
Ontario LTT is a provincial tax calculated on your purchase price, and first-time buyers may qualify for a rebate of up to $4,000.
What is the minimum down payment required to buy a home in Ontario right now?
The minimum down payment in Ontario is 5% on homes up to $500,000, with a sliding scale above that.
How much are closing costs when buying a home in Ontario?
Closing costs in Ontario typically run 1.5% to 4% of the purchase price. Here's the full breakdown.
How do I know how much house I can actually afford in Ontario?
Affordability starts with four numbers: income, debts, down payment, and the mortgage stress test rate.
What first-time home buyer programs exist in Ontario?
First-time buyers have access to several provincial and federal programs that reduce costs
How does CMHC mortgage loan insurance work in Canada?
CMHC insurance is required when your down payment is under 20%. It protects the lender, not you, and is added to your mortgage.
Should I get pre-approved for a mortgage before I start looking?
Yes, and in Milton's market, a pre-approval isn't just helpful, it's often essential.
Is land transfer tax included in my mortgage in Ontario?
No. Land transfer tax in Ontario is not included in your mortgage. It is a closing cost paid on the closing date of your home purchase, separate from your down payment and other closing costs such as legal fees and title insurance. First-time buyers should factor their net land transfer tax owing, after any applicable rebate, into their total closing cost budget. Our calculator above shows your estimated LTT and any first-time buyer rebate that may apply.
How much should I save before buying a home in Milton?
In addition to your down payment, buyers in Milton should budget for closing costs of approximately 1.5% to 4% of the purchase price. This typically includes land transfer tax, legal fees ($1,500 to $2,500), title insurance, a home inspection ($400 to $600), and property tax adjustments. For a $900,000 home with a 10% down payment, budget your $90,000 down payment plus approximately $13,000 to $36,000 in closing costs, roughly $103,000 to $126,000 in accessible savings before closing. We walk every buyer through a full cost estimate early in the process: no surprises at the table.
