Plan your complete home purchase budget including downpayment, closing costs, and monthly payments
1
Property Details
2
Downpayment
3
Mortgage & Other Costs
4
Budget Summary
Property Details
New construction involves different closing costs (e.g., Tarion, levies) and potentially different amortization rules.
Affects estimated title insurance cost.
Toronto properties have an additional municipal land transfer tax.
May qualify for land transfer tax rebates and potentially longer amortization on insured new builds.
Downpayment Planning
Purchase Price:$500,000
Required Minimum Downpayment:$25,000 (5.0%)
Minimum 5% for homes $500k or less.
5% on first $500k + 10% on portion above $500k (up to $1M purchase price).
Minimum 20% for homes $1M and above.
%
Downpayment amount: $100,000
Less than 20% requires mortgage insurance (premium added to mortgage, PST due at closing)
Downpayment Sources
This portion of your downpayment is paid when your offer is accepted.
Money gifted from immediate family members (requires gift letter for lender).
Your own savings (e.g., TFSA, non-registered accounts, cash).
First-time buyers can withdraw up to $60,000 per person (as of 2024). Funds must be in RRSP for 90+ days.
Maximum $60,000 per person. Must begin repayment 2 years after withdrawal, over 15 years.
Downpayment Funding Check
Target Downpayment:
$100,000
(-) Deposit Paid:
$0
(-) Gift Funds:
$0
(-) Personal Savings:
$0
(-) RRSP Withdrawal:
$0
Remaining Needed for Target:
$100,000
Great! Your downpayment sources cover your target amount.
Mortgage & Other Costs
Purchase Price:$500,000
Downpayment:$100,000 (20.0%)
Base Mortgage Amount:$400,000
Mortgage Insurance Premium (Financed):$0 Total Mortgage Amount:$400,000
Uncheck if paying full purchase price in cash (no mortgage needed).
Max 25 years standard. Up to 30 years for some uninsured or first-time new build insured mortgages.
Estimated Monthly Payment:$2,449
Principal: 0%Interest: 0%
Principal and interest only. Does not include property taxes (paid separately or via lender) or home insurance.
Standard Closing Costs Overview
Costs like legal fees, title insurance, LTT, and adjustments are standard and will be included in your Step 4 summary based on estimates and your inputs.
Optional / Conditional Costs
Select other costs you want to budget for. Some may be paid before closing.
May be required by lender if an up-to-date survey isn't available. Title insurance often covers this risk. (Estimate: $1,500)
Often required by lender to confirm value. (Estimate: $500, usually paid *before* closing)
Highly recommended assessment of property condition. (Estimate: $600, paid *before* closing when condition is met)
Optional: Budget for moving expenses.
Truck rental, movers, boxes, etc.
Any other specific costs (e.g., immediate repairs, utility setup fees).
Your Home Buying Budget Summary
First-Time Buyer Benefits Applied: Land transfer tax rebates have been factored into your estimate. You may also qualify for the federal First-Time Home Buyer Incentive or Tax Credit (check eligibility separately).
Purchase Price
$0
Downpayment
$0
(0%)
Total Mortgage
$0
Incl. CMHC if applicable
Est. Monthly Payment
$0
Principal & Interest
Your Planned Downpayment Sources
Deposit Paid w/ Offer:
$0
Gift Funds:
$0
Personal Savings:
$0
RRSP HBP Withdrawal:
$0
Total Planned Downpayment:
$0
Estimated Cash Required At Closing
*This is the estimated cash you'll need available on closing day. It includes your downpayment (less the initial deposit), land transfer taxes, and standard closing costs (legal, title insurance, adjustments, etc.). Optional costs paid *before* closing (like appraisal, inspection) are listed separately below if selected.
Other Budget Items (Paid Separately / Before Closing)
**Budget for these items separately as they are often paid before the closing date or are not part of the direct closing transaction funds.
Mortgage Insurance Details
Base Mortgage Amount:
$0
(+) Insurance Premium Financed:
$0
Total Mortgage Amount:
$0
The insurance premium (0%) is added to your mortgage principal. You pay 8% PST on this premium ($0) as part of your cash required at closing (included above).
Building Your Future: 5-Year Projection
Estimated Home Equity After 5 Years
$0
(Includes Downpayment + Estimated Principal Paid + Estimated Appreciation)
*Equity projection combines your downpayment, estimated mortgage principal payments over 5 years, and an assumed 2% annual home appreciation.
Actual market appreciation and principal paid may vary. This estimate does not include potential tax benefits (e.g., First-Time Home Buyer's Tax Credit) or costs of selling. Consult a financial advisor for personalized projections and tax advice.
Disclaimer: This calculator provides estimates for budgeting purposes only. Actual costs may vary. Land transfer tax calculations are based on current Ontario/Toronto rates (as of April 2025) and first-time buyer rebates. Mortgage payments use semi-annual compounding (Canadian standard) and do not include property taxes or home insurance unless specified. Mortgage Insurance premiums and PST are estimated based on standard rates. Consult with a qualified mortgage advisor, real estate lawyer, and financial planner for personalized advice specific to your situation. Fixed cost estimates (legal, appraisal etc.) are approximate.
