# Condo Ownership Cost Calculator: Monthly Budget

> Add up the full monthly cost of a condo, from the mortgage and CMHC premium to fees, property tax, insurance and utilities, before you buy

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 |

Over a year that's $53,472, which is why the sticker price alone never tells you if you can carry a place.

## 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](https://tax-services.ca/calculators/mortgage/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.

## What is the smallest down payment on a $650,000 condo?

The federal consumer agency's page on [down payments](https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html) sets the minimum at 5% of the first $500,000 and 10% of the part above it. On $650,000 that's $25,000 plus $15,000, so $40,000. The default here is $65,000, which is a comfortable step above the floor. Under 20% down you'll typically need mortgage loan insurance, and that's the premium the calculator adds to the loan.

## 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. A 10% bump on $520 is $572, so $52 more a month and $624 more a year. 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. A special assessment is a one-time charge the condo corporation levies on owners when the reserve fund can't cover a big repair, like a new roof or elevators. Ask for the reserve fund study and recent meeting minutes before you buy, and keep a cushion for surprises. If the answer looks too high, put it next to the cost of renting in the same building with the [rent vs buy calculator](https://tax-services.ca/calculators/real-estate/rent-vs-buy).

## Where we got these figures

Insurance premiums of 2.80%, 3.10% and 4.00% at 85%, 90% and 95% loan to value match the published [CMHC](https://www.cmhc-schl.gc.ca/) 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](https://tax-services.ca/calculators/real-estate/closing-costs) covers legal fees and adjustments, and the [property tax calculator](https://tax-services.ca/calculators/real-estate/property-tax) turns a mill rate into a yearly bill.

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Source: https://tax-services.ca/calculators/real-estate/condo-ownership-cost
Last updated: 2026-10-07
Independent information site. Not affiliated with the CRA. No services, no guarantee of accuracy. See https://tax-services.ca/disclaimer