Ontario car loan calculator
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One quick step, no sign-up. You get the honest all-in monthly cost with insurance included, a plain verdict, and what it means for a future mortgage.
60 secondsNo credit checkEvery figure sourced
Your verdict
22.2% of income
Ouch.
All-in driving costs take 22.2% of your before-tax income, and every dollar of it comes out of your take-home. Under 10% is easy street; over 15% starts squeezing the rest of life.
- Easy≤10%
- Manageable10–15%
- Tight15–20%
- You20%+, the band this scenario lands in
What it costs to carry the car, every month
$1,391/mo all-in
9.64% APR60 months7.29% to 11.99% for your credit
$1,374 to $1,408 a month, depending on the insurance quote you actually get
Loan paymentHow we work out the payment
$714
9.64% APR60 months7.29% to 11.99% for your credit
Insurance (Toronto)Where the insurance number comes from
$216 to $250
$304
Maintenance + feesHow we work out maintenance and fees
$139
This is a planning estimate. The displayed range varies insurance only; your actual APR, energy use, maintenance and fees can also change the total. Review the assumptions below and replace estimates with quotes.
When would you stop owing more than it’s worth?
Upside down 21 months
TodayBreak-even: month 21Month 60
Grey is what you owe; green is what the car is worth. Why does this matter?
Cost to drive away
Buying private? The tax is not on the price you pay$33,900
$30,000 asking, plus $3,900 in 13% HST and fees
Mortgage impact
What’s “mortgage impact”?−$92,889
off a future mortgage pre-approval
You’d owe more than the car is worth for the first 21 months, and at the deepest point you’d be $3,900 short. Why?
The cost you do not pay monthly
What the car may be worth later
Value lost by year 5$14,168
- After 1 year$26,40088% retained
- After 3 years$20,44468% retained
- After 5 years$15,83253% retained
- After 7 years$12,26041% retained
This is a planning curve for the all-vehicle average, starting from $30,000 today. It is not a model-level appraisal of this vehicle; trim, kilometres, condition, accident history and the used market can move a real offer materially.
Stress-test when to trade itHow we calculated this22 figures, all dated and sourced
Every figure below was read by this scenario while it was being calculated, in the order the calculation read it. Nothing here is decorative: remove one and the number above changes. Assumptions version 2026-10, compiled 2026-09-01.
Official energy, Weekly observed fuel price$1.826 a litre
Government of Ontario regular gasoline reading for Toronto (East/West average). This is a weekly observed market average, not a forecast or a station quote.
Ontario tax, Harmonized sales tax rate13%
Registered dealer sale, new or used. Charged on the negotiated all-in selling price and collected by the dealer at the point of sale.
Licensing, Private sale transfer total CAD$60 to $120
Typical total for a private-sale transfer path, including the UVIP and the plate and permit issuance. Excludes the safety certificate, which report 01 section 2.7 leaves unpriced. Small and honest beats a padded guess here; the dollar impact is minor but the accuracy is a credibility signal.
Licensing, Used vehicle information package CAD$20
Mandatory for private sales. Set fines for failing to provide or deliver a UVIP rose to 140 dollars in January 2026.
Financing, Apr by credit band, Prime5.99% to 9.99%
Credit score 670 to 719. Most dealers and lenders set a mid 600s minimum score for standard approval.
Financing, Used vehicle apr spread1.30% to 2%
Derived, not separately sourced. Low end is blendedAprUsedVehicle low minus blendedAprNewVehicle low, 0.082 minus 0.069. High end is 0.095 minus 0.075. Report 01 section 2.3 states the spread exists and must be modelled but gives no spread figure of its own.
Insurance, By city, Toronto, Annual premium CAD$2,348 a year to $2,483 a year
Second-source pass, 1 September 2026. Toronto had one publisher behind it, ThinkInsure, and now has two. ThinkInsure publishes 2,483 for the window 31 May 2025 to 31 May 2026, confirmed this pass by direct fetch of https://www.thinkinsure.ca/car-insurance/toronto-quote.php rather than the search-indexed excerpt the previous note relied on. MyChoice independently publishes 2,348 for Toronto in its 22 June 2026 Ontario city table, up 5.26 percent year over year. The two are 5.7 percent apart measured on the lower figure, inside the 10 percent agreement bar, so the figure is the range spanning both published values and confidence stays medium on two agreeing publishers rather than one. Neither value was altered. asOf stays 2026-05-31, the close of the ThinkInsure window that sourceUrl points at.
Insurance, Ontario year over year increase4.45%
Ontario premiums rose roughly 4.45 percent year over year in 2026. The July 1 2026 reform made most accident benefits other than medical, rehabilitation and attendant care optional, which may lower premiums modestly, but the real movement will not be observable until Q1 2027.
Insurance, New driver, Full licence average annual premium CAD$2,105 a year
The all-ages full-G average from the same dataset, published beside the G2 one so the two are comparable. ThinkInsure, an Ontario brokerage, over a stated data window of 2022-01-01 to 2023-03-31. The as-of date is the close of that window rather than a publication date, because the window is the honest limit on the figure: no named publisher has released a G2-specific band since it closed. No insurer and no regulator publishes a G2 band at all, so a broker's dataset is the ceiling of the available evidence, which is why nothing in this group is high confidence.
Insurance, By licence class and age, Full age 26 to 30 annual CAD$2,437 a year
Full G licence, 26 to 30. The gap to the G2 figure opens to about 25 percent here, having been near zero in the teen bands. ThinkInsure, an Ontario brokerage, over a stated data window of 2022-01-01 to 2023-03-31. The as-of date is the close of that window rather than a publication date, because the window is the honest limit on the figure: no named publisher has released a G2-specific band since it closed. No insurer and no regulator publishes a G2 band at all, so a broker's dataset is the ceiling of the available evidence, which is why nothing in this group is high confidence.
Operating, Average annual kilometres16,000 km a year to 24,000 km a year
Derived proxy, not a measured average. Report 01 publishes no average-annual-kilometres figure anywhere. Section 2.13 gives a typical lease annual km allowance of 16000 to 24000 km per year, which is the only kilometre band in the research, so it stands in as the driving-distance band. A lease allowance is set to cover typical driving rather than to measure it, so this band runs high. Cross-check against report 01 section 2.8's 150 to 250 dollar per month gasoline band, at the same section's 1.70 per litre price: at 16000 km every class consumption figure below lands inside that band, 159 dollars for a sedan to 249 for a pickup, and at the 20000 km midpoint the lighter classes stay inside it while a pickup runs above at 312. That band is not class-specific, so the overrun is expected rather than a contradiction. Source a StatCan or Natural Resources Canada annual vehicle-kilometres figure before any page quotes a driving distance.
Operating, Fuel consumption litres per 100 km, Suv10 L / 100 km
Modelled, not sourced. Same derivation and same caveat as the sedan figure.
Maintenance, Monthly five to ten years$125 a month to $150 a month
Vehicle 5 to 10 years old.
Depreciation, Used vehicle annual rate8% to 16%
Annual value loss for a vehicle that is ALREADY USED, from Canadian Black Book's 2026 Market Preview, published February 2026. Its "Annual Depreciation, 2-6 Year-old Vehicles" chart carries a sixteen-year series of printed bar labels: 2011 -12, 2012 -13, 2013 -13, 2014 -14, 2015 -9, 2016 -12, 2017 -11, 2018 -13, 2019 -13, 2020 -8, 2021 +19, 2022 -9, 2023 -16, 2024 -15, 2025 -10, 2026 forecast -15. The range stored here, 8 to 16 percent, is the full span of that series with 2021 excluded, and 2021 is excluded because it is an APPRECIATION year and not a rate of depreciation at all. The midpoint the engine uses, 12 percent, is close both to the 2011 to 2020 pre-pandemic mean of 12.2 percent and to Canadian Black Book's own 2025 forecast, which its 2025 Market Preview of 2025-02-24 stated as "12% depreciation is expected for two-to-six-year-old vehicles this year". The report's prose gives 15 percent for 2024 and 14.5 percent expected for 2026, slightly different from its own chart labels, and the wider range absorbs both readings. Confidence is medium rather than high: this is a named Canadian valuation authority publishing a dated series, which is the best available, but the values are read off printed chart labels rather than a table, and CBB attributes the recent years to a tariff-driven correction unwinding the elevated pricing that began in 2020 rather than to ordinary ageing. DELIBERATELY NOT SEGMENTED. The same report says the current decline "is expected to be more widespread across light truck segments, while passenger cars are anticipated to follow the same trend but to a lesser degree", which is the opposite of what depreciation.segmentMultiplier says: those multipliers are derived from five-year NEW-vehicle losses and make trucks the slowest depreciating segment. Until a segmented Canadian used-market series exists, one flat rate is the honest reading.
Lender ratios, Total debt service maximum44%
CMHC maximum. Housing plus all other debt divided by gross income. Car loans and leases count at the full monthly payment, which is what makes the mortgage-impact figure derivable.
Mortgage, Amortization months300 months
Modelled, not sourced. 25 years is the conventional Canadian mortgage amortization for qualification math. Report 01 publishes no amortization period. Paired with the derived qualifying rate to set the annuity factor behind the mortgage-capacity figure.
Mortgage, Conventional five year fixed rate6.09%
Bank of Canada series V80691335, labelled "Conventional mortgage: 5-year" and described by the publisher as "the interest rate for a 5-year conventional mortgage offered by chartered banks in Canada". The weekly reading was 6.09 percent on 2026-08-26 and unchanged over the five preceding weeks. This is the CONTRACT rate the qualifying rate is derived from. IT IS A POSTED RATE, WHICH IS THE CAVEAT THAT HAS TO RIDE WITH IT. A posted rate is what a chartered bank advertises, and it sits well above what most borrowers actually sign: discounted and broker-sourced contract rates are routinely one to two points lower, and the Bank publishes no series for those. So the greater-of rule applied to this number returns a qualifying rate higher than the one a real borrower would be tested at, which makes the mortgage capacity a car payment costs a FLOOR rather than an estimate: a borrower on a discounted rate loses more capacity than the figure shows, never less. The direction is deliberate, because understating the cost of a car payment is the failure this product exists to correct. Replace with the reader's own contract rate the moment a field collects one; nothing in ScenarioInput does today. Replaces the 2026-09 vintage's single modelled qualifyingRate figure of 0.0525, which was the stress-test floor used directly as an annuity rate and named no source.
Mortgage, Qualifying rate stress points2%
The two percentage points added to the contract rate under the OSFI minimum qualifying rate for uninsured mortgages, which the publisher states as "the greater of the mortgage contract rate plus 2% or 5.25%". Page last updated 2026-01-29.
Mortgage, Minimum qualifying rate floor5.25%
The other half of the same greater-of rule: the 5.25 percent floor that binds only when the contract rate is below 3.25 percent. It has not bound since 2022 and does not bind at the current 6.09 percent conventional rate, but it is held as a figure rather than as a constant because it is the published rule and a falling rate environment would make it bind again.
Verdict thresholds, Easy maximum income share10%
Total transportation cost at or below 10 percent of gross income is 20/4/10 compliant. Report 01 section 2.15 is blunt that with total ownership cost near 1373 dollars a month the 10 percent rule is out of reach for all but the wealthiest Canadians, so present it as a guardrail rather than a gate.
Verdict thresholds, Manageable maximum income share15%
10 to 15 percent of gross income is realistic for most Canadians.
Verdict thresholds, Tight maximum income share20%
15 to 20 percent is stretched. Above 20 percent carries a high risk of payment stress.
Figures marked low confidence are modelled from the research rather than taken from a single source, and each one says what would replace it. Estimates, not advice.
Estimates, not advice. Figures dated 2026-09-01, every source shown. No number here is a quote, an approval, or a substitute for what a lender, an insurer or a dealer will put in writing.
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Honda CR-V
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