Plan smarter with this interactive calculator — estimate your budget, down payment, and savings goals to make your first home a reality.
Step 1 — Pick Your Target Date
Decide when you want to buy. Your target date determines how aggressively you must save each month.
Step 2 — Estimate Your Budget
Use this rule-of-thumb: Family Income × 4.5 = Approximate Home Budget. This helps define a realistic purchase range.
Step 3 — Understand Down Payment Rules
- Budget ≤ $500,000: 5% down + ~2% closing
- $500,000–$999,999: 5% on first $500K + 10% on remainder + ~2% closing
- ≥ $1,000,000: 20% + ~2% closing
Step 4 — Savings & Investment Tools
- FHSA: Tax-free growth + tax deduction.
- RRSP (HBP): Withdraw up to $35K tax-free.
- TFSA: Great for short-term flexible saving.
- Balanced Investments: Moderate risk for steady growth.
Interactive First-Home Planner
Enter your details below to calculate how much you’ll need to save and by when.
Book a free consultation⚠️ Disclaimer: This calculator is for educational purposes only and provides general estimates based on publicly available guidelines. Actual affordability and mortgage qualification depend on lender policies, credit score, and debt ratios. For personalized advice, please consult a licensed mortgage broker or financial advisor.
Example: $700,000 house
Down payment: 5% on first $500K = $25,000 + 10% on $200K = $20,000 → $45,000. Closing (~2%) ≈ $14,000. Total cash ~ $59,000.
Example: $450,000 house
Down payment: 5% = $22,500. Closing (~2%) ≈ $9,000. Total cash ~ $31,500.
