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Sources & method
Last reviewed August 2026
Every rule on this site comes from a published federal or provincial source. Nothing is proprietary and nothing is guessed. Where a figure depends on something only a lender can confirm, the calculator says so instead of inventing precision.
Rates and lending rules
Benchmark rates, the stress test, and the qualifying rules lenders must follow.
Bank of Canada: policy rate and bond yields
OSFI Guideline B-20: residential mortgage underwriting
Department of Finance Canada: mortgage insurance rules
Mortgage insurance
Premium rates and eligibility for default-insured mortgages.
CMHC: mortgage loan insurance premiums and rules
Taxes and closing costs
Land transfer tax brackets, rebates, and closing-cost guidance.
Ontario Ministry of Finance: land transfer tax
City of Toronto: municipal land transfer tax
Canada Revenue Agency: Home Buyers' Plan, FHSA, GST/HST new housing rebate
Consumer protection
Verify a mortgage agent's licence before sharing financial documents.
FSRA: public registry of licensed mortgage agents and brokerages
Methodology notes
Semi-annual compounding. Canadian mortgages compound twice a year by law, not monthly. Every payment here uses that rate, not the American monthly-compounding formula most calculators default to.
The stress test. Qualification is tested at your contract rate plus 2%, or 5.25%, whichever is higher, even though your real payment uses your actual rate.
Ratio constraints. GDS is capped near 39% of gross income and TDS near 44%, including a standard heat allowance and half of any condo fee.
Insurance premium handling. The premium is added to the mortgage principal, but the 8% Ontario sales tax on that premium is due in cash on closing. It cannot be financed.
Why penalties are ranges. A fair interest rate differential and a big bank's posted-rate differential can differ by thousands of dollars for the same mortgage, so we show both ends.
What's deliberately excluded. Appraisal and legal fee variation, cash-back mortgage clawbacks, new-build rebates, portability, and lender cash incentives. All real, all lender- and file-specific, none guessable from a slider.
WhatsMyMortgage.ca is an independent educational resource operated by [Legal Entity Name]. It is not a mortgage brokerage, lender, or insurer, and does not arrange, negotiate, or advise on mortgages. Asking to speak with someone connects you with a licensed mortgage agent, with no obligation. Confirm any agent's licence on FSRA's public registry before sharing financial documents. Every figure here is an estimate from the numbers you enter and published guidelines, not an approval, a rate guarantee, or personal advice. Penalties can only be confirmed by your current lender. Rates last reviewed August 2026.