Calculator · Windsor-Essex
Windsor-Essex mortgage payment calculator
Property tax, insurance and utilitiesProperty tax needed
Left blank on purpose. Your tax bill is the MPAC assessed value times the municipal rate — neither of which is the price you pay, and assessments are still frozen at their 2016 base year. Guessing it from the price would hand you a number you'd have to unlearn. Two places have the real one: the MLS® listing states the annual tax for a home you're buying, and your own tax bill or MPAC notice states it for one you already own.
$2,457.62
Monthly cost — before property tax
Mortgage, insurance and utilities. Property tax is missing, so this is under the real figure — add it below and this becomes the number that has to fit your budget.
Add the annual property tax to complete this. On a home you're buying it is on the MLS® listing; on one you own it is on your tax bill. In Windsor-Essex it is commonly a few thousand a year, and leaving it out understates what you carry every month.
What makes up that number
- Mortgage (principal + interest)
- $2,050.95/mo
- Property tax
- not entered
- Home insurance
- $121.67/mo
- Heat, hydro and water
- $285.00/mo
- Total per month
- $2,457.62
Compounded semi-annually, as Canadian fixed-rate mortgages are required to be.
Not included above. Take it off the MLS® listing or your tax bill — it is the one line here that nobody can estimate for you.
$1,460 a year. Your lender requires proof of coverage before it will advance the funds.
Not collected by anyone — these arrive as their own bills.
The loan itself
- Mortgage amount
- $360,000
- Minimum down payment at this price
- $22,500
- Total interest over 25 years
- $255,285
5% of the first $500,000, then 10% of the rest. 20% at $1.5M and above.
Assumes the rate holds for the full amortization, which it won't — Canadian terms are typically 5 years or less. Treat this as a comparison figure between scenarios, not a forecast.
Cash you need on closing day
Everything above is monthly. On top of the $90,000 down payment, you need land transfer tax, legal fees and adjustments — none of which can go on the mortgage.
Work out the closing costsWhy the formula matters. Section 6 of the federal Interest Act requires a fixed-rate mortgage to state a rate compounded no more often than semi-annually. The monthly rate is therefore (1 + r/2)^(1/6) − 1, not r/12. On $400,000 at 5% over 25 years that is $2,326.42 a month — a monthly-compounding calculator returns $2,338.36, roughly $3,600 too much over a five-year term.
Default insurance is financed, not paid in cash. Below 20% down it is mandatory, and the premium is added to the principal rather than paid at closing. That is why the payment steps down as you cross 20% — above it, you stop financing a premium.
Property tax is blank until you fill it in, and that is deliberate. Your bill is the MPAC assessed value multiplied by your municipality's rate. Neither term is what you paid for the house, and assessments are still frozen at their 2016 base year while Windsor-Essex prices roughly doubled — so how far a home's assessment sits from its price is particular to that home and that street. Nothing here knows it, so nothing here guesses at it. Calculators that do produce a figure their user later has to unlearn.
Getting the real number is easy. Every MLS® listing states the annual tax for a home you're buying — on this site it appears on the listing page itself wherever the feed carries it. For a home you already own it is on your tax bill and on your MPAC notice. Type it in once and every figure above becomes real.
An estimate, not a mortgage approval, rate quote, or offer of financing. Property tax, insurance and utility figures are estimates until you replace them with your own. Confirm figures with a licensed mortgage professional.
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Numbers are the easy part
What the calculator can't tell you is whether a specific home is worth what it's listed at. Tell Harjeet what you're looking for and he'll send a list of homes that actually match, kept current as listings come and go.
Harjeet Singh, REALTOR® · Jump Realty