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Free Calculator — Updated 2025

Mortgage Calculator London, Ontario 2025

London, Ontario averages $650,000 with no municipal LTT. Calculate your monthly payment and total mortgage cost for London ON properties.

$650,000
Avg. London, Ontario Home Price
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Min. Down Payment

London, Ontario Mortgage Calculator

Average London, Ontario home price: $650,000
Min. 5% for homes under $500K | 20% avoids CMHC insurance
Or enter a dollar amount directly
2025 average 5-year fixed rate: ~5.00%–5.50%
Max 25 years for insured mortgages (under 20% down)
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CMHC Insurance Required: Down payment under 20%. Insurance premium added to mortgage principal.

Ontario Land Transfer Tax / Property Transfer Tax

Ontario Land Transfer Tax only (London has no municipal LTT). On a $650,000 home: approximately $10,475.

London, Ontario buyers pay only the provincial Ontario LTT. On a $650,000 home that's approximately $10,475. First-time Ontario buyers receive up to $4,000 LTT rebate. No municipal land transfer tax in London.

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FAQ — Mortgages in London, Ontario

What is the average home price in London, Ontario in 2025?
London, Ontario's average home price is approximately $650,000 in 2025. Detached homes average $700,000–$850,000 in popular areas like Byron, Masonville, and Westmount, while condos and townhouses are available from $400,000–$550,000.
Is London, Ontario a good place to buy in 2025?
London offers a strong rental market driven by Western University and Fanshawe College, plus healthcare sector employment. Home prices are more affordable than Toronto and Hamilton. The city's growing tech and healthcare sectors provide employment stability for mortgage qualification.
What are closing costs in London, Ontario?
London, ON closing costs include Ontario LTT (~$10,475), legal fees (~$1,500–$2,000), home inspection (~$500), title insurance (~$300), and CMHC insurance if down payment is under 20%. Budget $12,000–$15,000 for closing costs on a $650,000 home.
How does the London Ontario mortgage market work?
London has major bank branches (TD, RBC, BMO, Scotiabank, CIBC) plus credit unions and mortgage brokers. Using a broker typically gets you a lower rate than going directly to a bank. In 2025, 5-year fixed rates for qualified buyers range from 4.5%–5.5%.