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Buying · Calculator

First-Time Buyer Calculator

Buying your first home? Estimate your down payment, land transfer taxes, potential rebates and programs, and how much cash you may need to complete your purchase.

  1. 1Enter detailsAdd your numbers
  2. 2Review costsSee the breakdown
  3. 3See resultsYour estimate updates live

Your details

Change any number — results update instantly.

New build?

Estimated cash required

$47,475

Your estimated savings cover this scenario

$55,000You have
  • Savings — $40,000
  • FHSA funds — $15,000

What you'll need

Estimated minimum down payment$40,000
Estimated closing costs (net of rebates)$7,475
Potential rebates−$4,000

What you have

Savings$40,000
Potential FHSA funds$15,000
Potential HBP funds$0
Estimated savings available$55,000
Estimated remaining amount needed$0

Estimated monthly payment

At minimum down payment (25-yr amortization)$3,526

Ontario First-Time Homebuyer Refund — up to $4,000 off provincial land transfer tax; you must not have owned a home anywhere in the world.

Toronto First-Time Homebuyer Rebate — up to $4,475 off the municipal tax for Toronto purchases, if eligible.

First Home Savings Account — tax-deductible contributions and tax-free withdrawals toward a qualifying first home.

Home Buyers' Plan — withdraw up to $60,000 from your RRSP, repaid over 15 years, if eligible.

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Calculations provided by this tool are estimates for general informational and educational purposes only and should not be relied upon as financial, mortgage, tax, accounting, investment or legal advice. Actual mortgage payments, qualification requirements, taxes, rebates, closing costs, commissions, rental amounts and other expenses may vary based on the property, lender, municipality, transaction and individual circumstances. Government programs, tax rates, mortgage rules and regulatory requirements may change without notice. Users should confirm all figures and eligibility requirements with the appropriate lender, mortgage professional, lawyer, accountant, municipality, government authority or other qualified professional before making a financial or real estate decision. Kaitlynn Martins and RE/MAX Your Community Realty Inc., Brokerage do not guarantee the accuracy or completeness of calculations generated by this tool.

Sources & last updated

Government figures change. Always confirm current rates with the official source, your lawyer or the municipality before relying on an estimate.