Funds to complete the purchase
Allow for closing costs and moving expenses alongside the down payment. Keep those costs visible when deciding how much of your savings to put into the property.
← Real Estate Wealth Map™
01 / Aspiring Homeowner
Prepare for your first home and the plans that follow.
Your first home needs to fit the life you want and the costs you can comfortably carry. Start with your purchase funds, your monthly budget and the flexibility you may need later.
Talk about your first home ↗Your financing priorities
Build a clear picture before you buy.
A purchase price is only part of the decision. The cash needed to complete the purchase and the costs of living in the home both deserve attention.
A monthly budget you can live with
Mortgage payments sit alongside property taxes, utilities, insurance and maintenance. The amount a lender may approve does not tell you what feels comfortable for your household.
Room for changes ahead
You may move, change jobs or consider a rental property later. Review portability, extra-payment options and the costs of ending a mortgage against your plans.
Bring the financing into focus
Two budgets. One home purchase.
Separate the money needed to buy from the costs you will carry after moving in. That makes it easier to see whether the purchase fits both your savings and your regular income.
Before you move in
Your purchase funds
- Down payment
- Closing costs
- Moving and initial expenses
Compare with the funds you have available.
Once you own the home
Your monthly budget
- Mortgage payments
- Property taxes and insurance
- Utilities and maintenance
Compare with your household income and other commitments.
How Streetwise helps
Home financing starts with your circumstances.
We review your income, debts, available purchase funds and timeline, then explain the mortgage options and terms that may fit. Tell us about changes you expect so we can consider them in the advice.
You can speak with us while you are still preparing. You do not need to have chosen a property or completed an investor assessment.
Explore home financing →Learn and work through your numbers
Useful before your next decision.
Interactive calculator
Estimate Ontario closing costs
Work through the purchase costs that sit alongside your down payment. This calculator is specific to Ontario.
Open calculator →
Interactive calculator
Compare mortgage scenarios
Explore payments, interest and remaining debt under different rate assumptions.
Open calculator →Talk to Streetwise
Start with the home you want and the budget you need.
Tell us about your timeline, purchase funds and the questions you would like to work through.