Own a $650,000 condo with 10% down and it costs $4,455.97 a month once fees, tax, insurance and utilities join the $3,371.80 mortgage payment. The calculator below adds every monthly bill, so you see the real number before you make an offer.
What goes into the monthly total?
The mortgage is the biggest line, but it’s rarely the only one. Condo fees, property tax, insurance, utilities and any parking or storage rent sit beside it, and leaving out even one makes the budget look lighter than it is. This table has the defaults for that $650,000 condo.
| Cost | Default per month |
|---|---|
| Mortgage payment (4.6%, 25 years) | $3,371.80 |
| Condo fees | $520.00 |
| Property tax (0.7% of price a year) | $379.17 |
| Home insurance | $45.00 |
| Utilities and internet | $140.00 |
| Total | $4,455.97 |
Is a bigger down payment worth it?
With $65,000 down, the loan is $585,000 plus a CMHC premium of $18,135, which is 3.10% of the loan. The payment is $3,371.80 and the monthly total $4,455.97, or $53,472 a year. Raise the down payment to $130,000 and you’ve covered 20% of the price, so no premium applies. The payment falls to $2,907.04 and the total to $3,991.20.
That’s $464.77 back every month. Not bad.
Switch the first case to a 30 year amortization and the payment drops to $3,082.25, but the premium climbs to $19,305. Try both settings in the mortgage calculator to see the total interest. A 30 year amortization on an insured mortgage is open only to first-time buyers and new builds, so ask your lender to confirm that you qualify before you plan around the lower payment.
Where do these estimates go wrong?
Mostly in the inputs, and mostly in the ones you guess. Condo fees change every year, and a bigger unit often pays a higher fee. Tax depends on your city, so take the rate from a bill for a similar unit. Here it’s a share of the price, but a city bills on an assessed value that may be lower.
Not in there: special assessments, a jump at mortgage renewal and maintenance inside the unit. Keep a cushion for them. If the answer looks too high, put it next to the cost of renting in the same building with the rent vs buy calculator.
Where the numbers come from
Insurance premiums of 2.80%, 3.10% and 4.00% at 85%, 90% and 95% loan to value match the published CMHC bands, and the minimum down payment tiers match the federal consumer agency page. Sales tax on the premium in some provinces is not added here. Condo fees, tax rate, insurance and utilities are placeholders, so swap in your own quotes. This site has no connection with any government body, and the result is an estimate.
Before you commit, add the one-time costs too. The closing costs calculator covers legal fees and adjustments, and the property tax calculator turns a mill rate into a yearly bill.
Frequently asked questions
How much do condo fees add each month?
In the default case, $520 on top of a $3,371.80 mortgage payment. Ask for the current fee and the reserve fund report before you buy.
Why does a 20% down payment cut the total so much?
It removes the CMHC premium. On a $650,000 condo that premium is $18,135, and otherwise it's added to your loan.
Is property tax a percentage of the price?
Here it's entered as a yearly percentage of the price, 0.7% by default. Your city bills on an assessed value, so use your own rate.
Does the total cover a special assessment?
No. Special assessments are one-time charges a condo board can vote in. Keep some savings aside for them.
Should I count utilities?
Yes. Heat, power, water and internet are part of what it costs to live there, and some fees already cover a few of them.
Sources and updates
Updated: . How we check rates · Editorial team · Updates
Estimate only. These figures are a planning estimate, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns, and we don't offer tax, legal or accounting services. We have no connection with the Canada Revenue Agency, Revenu Québec or any provincial government. Your real amounts depend on details this tool cannot see, so confirm them with an official source or a qualified professional before you act.