Buying a condo is more than a mortgage payment.

A mortgage calculator can tell you what a loan may cost each month, but that is only one part of condo ownership.

Buyers may also need to account for condo fees, property taxes, insurance, utilities, parking, land transfer taxes, closing costs and other expenses. Looking at these costs separately can make it difficult to understand what a property may actually cost to own.

Condo Cost Ontario brings those estimates together in one place so buyers can explore the bigger picture.

The calculator combines information you provide about a potential condo purchase with relevant mortgage and tax calculations to estimate:

• Monthly mortgage payments
• Total estimated monthly ownership costs
• Minimum down-payment requirements
• Mortgage default insurance where applicable
• Ontario land transfer tax
• Toronto municipal land transfer tax when applicable
• Estimated cash required to close
• Potential five-year mortgage paydown and equity
• Estimated five-year ownership costs

The goal is not to tell someone whether they should buy a property. It is to make the numbers easier to explore and understand.

Real-estate costs and rules vary across Canada. Condo Cost Ontario is intentionally focused on Ontario so the calculator can account for costs that are particularly relevant to buyers in the province.

Toronto buyers can also account for the city's separate municipal land transfer tax in addition to Ontario land transfer tax.

Where the calculator relies on statutory rules, the goal is to base calculations on published information from government and other authoritative sources.

Other expenses, such as legal fees, utilities and insurance, can vary significantly. Those figures are treated as estimates and can be adjusted by the user when better information is available.

Our calculation methodology and important assumptions are explained on the How It Works page.

Condo Cost Ontario is an independent informational tool. It is not a lender, mortgage broker, real-estate brokerage, law firm or financial advisory service.

Calculator results are estimates and should not be treated as mortgage approval, a property valuation or financial, legal, tax, investment or real-estate advice.

Important figures should be confirmed with the appropriate lender, lawyer, municipality, government authority or other qualified professional before making a purchase decision.