20% down on a $900,000 house = $180,000. Here’s the complete breakdown.
Down Payment Options
| Down Payment % | Amount | Mortgage | CMHC Insurance |
|---|---|---|---|
| 7.22% (min) | $65,000 | $835,000 | $33,400 |
| 10% | $90,000 | $810,000 | $25,110 |
| 15% | $135,000 | $765,000 | $21,420 |
| 20% | $180,000 | $720,000 | $0 |
| 25% | $225,000 | $675,000 | $0 |
Total Cash Needed at Closing
| Expense | Amount |
|---|---|
| Down payment (20%) | $180,000 |
| Land transfer tax (Ontario) | $14,475 |
| Legal fees | $2,200 |
| Home inspection | $650 |
| Title insurance | $650 |
| Moving costs | $4,500 |
| Total cash needed | $202,475 |
Land Transfer Tax by Province
On a $900,000 home:
| Province | Land Transfer Tax |
|---|---|
| Ontario | $14,475 |
| BC | $22,000 |
| Quebec | $12,750 |
| Alberta | $0 |
| Toronto (additional) | +$14,475 |
In Toronto: Total = $28,950 before rebates.
Monthly Payment Comparison
At 5.5% interest, 25-year amortization:
| Down Payment | Mortgage | Monthly Payment |
|---|---|---|
| 7.22% (min) | $868,400* | $5,369 |
| 10% | $835,110* | $5,163 |
| 20% | $720,000 | $4,400 |
*Includes CMHC premium.
Income Required
To qualify for a $720,000 mortgage:
- Monthly payment (5.5%): $4,400
- Property tax + heat: $950
- Total housing: $5,350
- Required income (GDS 32%): ~$200,625/year
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