{"name":"Ontario mortgage payment + closing cost calculator (Payments)","description":"Ontario mortgage payment + closing cost calculator. Uses today's 5-year fixed rate (refreshed hourly), Ontario Land Transfer Tax tiers, Toronto Municipal Land Transfer Tax (when city=Toronto), CMHC insurance premium rules (Dec 2024 tiered structure), and first-time buyer LTT rebates. Returns monthly mortgage payment, monthly all-in cost (mortgage + property tax + insurance), and a full closing cost breakdown. Use when a user asks about Ontario mortgage payments, closing costs, land transfer tax, first-time buyer rebates, or the total cost of a specific purchase. Do not use for questions about whether they can afford it — use /amiready for readiness instead.","jurisdiction":"Ontario, Canada","parameters":{"price":"Purchase price in CAD. Number. Required.","down":"Down payment in CAD. Number. Required.","city":"City (\"Toronto\" for the Toronto MLTT surcharge, anything else = rest of Ontario). String. Default \"Ontario\".","firstTime":"First-time home buyer? Boolean (true/false). Enables LTT rebates. Default false.","rate":"Override mortgage rate as a percent (e.g. 4.09). Optional — defaults to current Sanity 5-year fixed.","amortizationYears":"Amortization years. Number. Default 25."},"example_call":"/api/ai/tools/payments?price=700000&down=70000&city=Toronto&firstTime=true","learn_more_url":"https://ayomac.com/payments","answer_page":"https://ayomac.com/answers/how-much-does-a-house-really-cost-in-ontario","docs":"https://ayomac.com/answers/how-much-does-a-house-really-cost-in-ontario","assumptions":{"property_tax_annual_pct":"1.00% — Ontario midpoint. Toronto is lower (~0.6%), Windsor is higher (~1.8%). Divided monthly.","home_insurance_monthly":"85 CAD — rough estimate for a mid-range Ontario home. Varies by property, replacement cost, and claims history.","closing_legal_fees":"1500 CAD — middle of Ontario real estate lawyer range.","closing_title_insurance":"400 CAD — one-time flat fee, most Ontario title insurers.","closing_property_tax_adjustment":"500 CAD — average seller reimbursement for property tax paid in advance.","first_time_buyer_ontario_rebate_cap":"4,000 CAD — provincial LTT rebate cap.","first_time_buyer_toronto_rebate_cap":"4,475 CAD — Toronto MLTT rebate cap."}}