Calculators

First-time home buyer calculator

The price is only the beginning. This adds up the land transfer tax your province and city charge, applies the first-time buyer rebates, qualifies you at the stress-test rate, prices CMHC insurance, and checks whether your FHSA and Home Buyers' Plan cover the down payment.

The purchase

Purchase price ($)Down payment ($)Mortgage rate (%)Amortization (yrs)ProvinceCity

First-time buyer (applies the rebates)

Cash needed at closing

$106,975.00

Mortgage

$680,460.00

Payment / month

$3,687.14

Must qualify at 6.29%

$4,471.61

Closing costs

Down payment$90,000.00

Land transfer tax$11,475.00 provincial + $11,475.00 municipal − $8,475.00 first-time rebate$14,475.00

Legal, title, inspectionrough allowance — get real quotes$2,500.00

CMHC insurance88.0% loan-to-value — added to the mortgage, not paid in cash$20,460.00

Cash you need on closing day$106,975.00

Toronto charges a second, municipal land transfer tax on top of Ontario's.

Where the down payment comes from

FHSA balance ($)RRSP via Home Buyers' Plan ($)

Registered sources cover $56,000.00 of your $90,000.00 down payment — the other $34,000.00 has to come from non-registered savings or a gift..

FHSA: $40,000.00 lifetime maximum, tax-deductible going in and tax-free coming out.
Home Buyers' Plan: up to $60,000.00 per person from an RRSP, repaid over 15 years starting the fifth year after withdrawal.
Both can be used together, and a couple buying together each get their own limits.

Land transfer tax and rebate rules change in provincial budgets. The stress test qualifies you at the greater of your rate plus 2% and 5.25%. Estimates for planning — your lender, lawyer, and municipality have the real numbers.