Milton Mortgage Calculator
See what a home in Milton could cost you each month, including down payment, mortgage insurance, land transfer tax and the stress test.
Minimum down payment rules
| Home price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,000 to $1,499,999 | 5% of the first $500,000, plus 10% of the rest |
| $1,500,000 or more | 20% of the price |
Under 20% down, mortgage default insurance is required and is added to your mortgage.
Other closing costs (estimates, edit as needed)
Monthly costs of owning (estimates, edit as needed)
per month
- Total mortgage $0
- Mortgage default insurance None needed
- Minimum down payment $0
- Stress test: you qualify at 0%
- If rates rise 0.25% $0
- Mortgage payment (monthly) $0
- Property tax $0
- Heat $0
- Total per month $0
- Down payment $0
- Ontario land transfer tax $0
- Other closing costs (estimated) $0
- Total cash needed $0
Estimates only, not a mortgage approval or financial advice. Payments use Canadian semi-annual compounding. Insurance premiums are typical CMHC rates and vary by insurer. Land transfer tax uses Ontario and City of Toronto rates as of 2026, with first-time buyer rebates of up to $4,000 (Ontario) and $4,475 (Toronto). Closing costs, property tax, condo fees and heat are editable estimates. Speak with a licensed mortgage professional before you buy.
Buying in Milton: Mortgage Basics
How much do I need for a down payment in Ontario?
For homes under $1.5 million, the minimum is 5% of the first $500,000 and 10% of the amount above that. On a $917,500 home, that is $66,750. Homes priced at $1.5 million or more need at least 20% down.
What is mortgage default insurance?
If you put less than 20% down, your lender requires mortgage default insurance from CMHC, Sagen or Canada Guaranty. The premium is usually 2.80% to 4.00% of the mortgage and is added to your mortgage balance. This calculator includes it automatically.
What is the mortgage stress test?
To qualify, lenders test whether you could afford your payment at the higher of your rate plus 2%, or 5.25%. The calculator shows that qualifying rate and payment so you can plan ahead.
Can I get a 30-year amortization?
First-time buyers and buyers of newly built homes can choose 30 years on an insured mortgage, with a small extra insurance charge. With 20% or more down, 30 years is widely available.
Want to see what your budget buys in Milton right now? Read the Milton Neighbourhood Guide or call or text me at 905-203-3516.
Shaleni Henriquez, Sales Representative, Real Broker Ontario Ltd., Brokerage. Not intended to solicit buyers or sellers currently under contract.
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