London Mortgage Calculator
Free London Ontario mortgage calculator with Ontario-specific data. Calculate monthly payments with current rates, Ontario Land Transfer Tax, and 2025 London ON housing market data.
Input Mortgage Details here. Results will update instantly.
Variable: Your rate moves with the Bank of Canada prime rate — historically lower, but payments may change if prime changes.
Rate locked for the full term — stable, predictable payments
How long your rate is locked in before renewal
Total time to fully pay off the mortgage
At End of 5 Years Term
💡 After your 5 Years term, you will renew the remaining $440,703 balance at the rate available at that time. Shopping for the best renewal rate can save you thousands.
🔒 Fixed Rate — Stress Test
🏛️ The federal mortgage stress test requires you to qualify at the higher of your contract rate + 2% or 5.25%, regardless of your actual rate. This ensures you can handle future rate increases.
Full Amortization Breakdown
<ins> tagLondon Housing Market Data
London Property Tax & Transfer Tax
Property Tax Rate: Approximately 1.35% of assessed value annually (avg. $8,370/year on average home). Ontario Land Transfer Tax (LTT) applies: 0.5% on the first $55,000, 1.0% on $55,001–$250,000, 1.5% on $250,001–$400,000, and 2.0% on $400,001–$2,000,000. On a $620,000 purchase, Ontario LTT is approximately $8,950. First-time buyers receive a rebate of up to $4,000, reducing the net LTT to approximately $4,950.
Ontario's Non-Resident Speculation Tax (NRST) of 25% applies to foreign buyers in most Ontario markets including London. The Ontario First-Time Home Buyer Incentive (federal) and the First Home Savings Account (FHSA) are available to eligible buyers.
London Homebuyer Guide
London Ontario Housing Market Overview
London, Ontario is one of Canada's most dynamic mid-sized cities, offering significantly more affordable housing than Toronto while providing a full range of urban amenities. Home to Western University and Fanshawe College, London has a large student and young professional population. The city has seen strong demand from Toronto-area buyers seeking more space and value, and 2025 has seen steady price recovery after the 2022–2023 correction.
Ontario Land Transfer Tax in London
Ontario's Land Transfer Tax (LTT) is a significant closing cost. On a $620,000 London home, the LTT totals approximately $8,950. First-time buyers receive a provincial rebate of up to $4,000, reducing the net cost to approximately $4,950. Unlike Toronto, London does not have a Municipal Land Transfer Tax (MLTT), saving buyers an additional $8,000–$10,000 compared to purchasing in the City of Toronto.
London Mortgage Qualification
London's relative affordability compared to Toronto makes mortgage qualification more accessible. With average home prices around $620,000, buyers need a minimum 5% down payment ($31,000) for homes under $1,000,000, with CMHC insurance required for down payments under 20%. The federal stress test applies at the greater of 5.25% or your rate + 2%. The First Home Savings Account (FHSA) allows first-time buyers to save up to $40,000 tax-free toward a down payment.
London Neighbourhoods by Price
Most affordable: East London, Carling Heights, and Huron Heights. Mid-range: Byron, Westmount, and Masonville. Premium: Old North, Wortley Village, and Sunningdale. The Old South and Old North neighbourhoods near Western University command premiums for their character homes and walkability. New suburban developments in the north end (Sunningdale, Hyde Park) offer modern homes for families.
London Property Tax
London has one of Ontario's higher property tax rates at approximately 1.35% of assessed value — significantly higher than Toronto's 0.66% rate. On a $620,000 home, expect roughly $8,370/year in property taxes. However, London's lower home prices mean the absolute dollar amount is still manageable. MPAC (Municipal Property Assessment Corporation) assessments are used for all Ontario properties.
London Economic Outlook
London's economy is anchored by healthcare (London Health Sciences Centre), education (Western University, Fanshawe College), manufacturing, and a growing technology sector. The city has attracted significant investment in advanced manufacturing and life sciences. London's location at the intersection of Highways 401 and 402 makes it a logistics hub. The city's growing population, driven by immigration and interprovincial migration from the GTA, continues to support housing demand.
<ins> tagLondon Closing Cost Estimator
Estimate your total closing costs including land transfer tax, legal fees, title insurance, and more — with first-time buyer rebate support.
Related Calculators & Resources
About Our London Mortgage Calculator
Our free London mortgage calculator uses current Canadian mortgage standards including semi-annual compounding as required by the Bank Act. Enter your home price, down payment, interest rate, and amortization period to instantly calculate your monthly, bi-weekly, or weekly mortgage payments.
The calculator automatically accounts for CMHC mortgage insurance if your down payment is less than 20%, which is required for all insured mortgages in Canada. It also allows you to include London's property taxes and home insurance for a complete picture of your monthly housing costs.
Disclaimer: All calculations are estimates for informational purposes only. Actual mortgage terms, rates, and payments will vary based on lender requirements, credit profile, and market conditions. Consult a licensed mortgage professional for personalized advice. No data entered on this site is collected or stored.