Down Payment Calculator & Savings Planner — Canada 2026
Project your savings across FHSA, RRSP, TFSA, and GIC accounts over time — with full Ontario closing cost breakdown so you know your real savings target.
The down payment isn't the total cash you need. In Ontario, closing costs add $15,000–$30,000+ on top — and must be paid in cash on closing day.
Minimum Down Payment Rules in Canada
Canada's minimum down payment is tiered based on purchase price. Getting this wrong is one of the most common mistakes buyers make — especially in the $500K–$1M range where the rules split:
- $500,000 or less: 5% minimum ($25,000 on a $500K home)
- $500,001 to $999,999: 5% on the first $500K + 10% on the portion above (a $750K home requires $50,000)
- $1,000,000 to $1,499,999: 10% minimum — insurable since December 2024
- $1,500,000 and above: 20% minimum — not insurable
On top of the down payment, budget for closing costs Ontario 2026 — typically 1.5–4% of the purchase price. In Toronto, land transfer tax alone can exceed $30,000.
Where to Save Your Down Payment
Canadian first-time buyers have access to three tax-advantaged accounts, each with different rules:
FHSA — First Home Savings Account
The best tool available for first-time buyers. Contribute up to $8,000/year ($40,000 lifetime), get a full tax deduction, and withdraw completely tax-free with no repayment. Contribution room starts from the date you open the account. Full comparison in our FHSA vs RRSP Home Buyers' Plan Canada 2026 guide.
RRSP Home Buyers' Plan
Withdraw up to $35,000 ($70,000 for a couple) from your RRSP tax-free. You must repay over 15 years or it becomes taxable income. Best used as a supplement if your FHSA isn't enough.
TFSA
No tax deduction on contributions, but withdrawals are completely tax-free with no restrictions. Useful for savings above your FHSA and RRSP limits.
How Much Income Do You Need to Buy a House in Canada?
Saving the down payment is half the battle — you also need enough income to qualify for the mortgage. The mortgage stress test Canada 2026 means lenders qualify you at ~6.59%, not your actual rate. A household earning $120,000 with minimal debt qualifies for roughly $580,000–$620,000. Full breakdown in our income needed to buy a house in Canada guide.
How Much Should You Put Down?
Putting 20% down eliminates the CMHC insurance premium, but it means tying up significantly more cash. For a $700,000 home, the difference between 5% and 20% down is $105,000. If you're ready now with 5–10%, the CMHC premium may be worth paying to stop renting sooner. First-time buyers should check our first-time buyer Ontario guide 2026 for every available program and rebate.
Set your target home price and see exactly how much you need — down payment, closing costs, and CMHC premiums combined.
Open Full Calculator →This calculator is for educational purposes only and does not constitute financial, mortgage, or legal advice. Savings projections are estimates based on assumed rates of return and contribution levels. Actual results depend on market conditions, account type, and individual circumstances. Always consult a licensed financial advisor or mortgage professional. ClearKey is not a licensed mortgage brokerage.