Ontario First-Time Home Buyer Calculator
Calculate your total down payment (FHSA + RRSP HBP), CMHC insurance, land transfer tax rebates, and estimated mortgage payment for your first Ontario home purchase.
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How to use this calculator
- 1
Enter the property price and your available cash savings.
- 2
Input your FHSA balance — this can be withdrawn entirely tax-free for a first home purchase.
- 3
Your RRSP balance eligible under the Home Buyers' Plan is capped at $60,000 per person ($120,000 for a couple).
- 4
If your down payment is under 20% of the purchase price, CMHC mortgage default insurance is mandatory and added to your loan.
- 5
The Ontario first-time buyer LTT rebate of up to $4,000 is automatically applied.
Frequently asked questions
What does this calculator add up to form the down payment?
This tool adds your cash savings, your FHSA balance and the RRSP Home Buyers’ Plan amounts, where each person’s RRSP figure is capped at $60,000 in the figures built into the tool. The FHSA balance is taken in full, with no cap and no check on whether it qualifies. The partner income and your own income fields are not used in any calculation.
How is the CMHC premium determined?
The tool takes your total down payment as a share of the price. Under 20% and below $1,500,000 it charges 4.00% of the loan for 5% to 9.99%, 3.10% for 10% to 14.99%, and 2.80% for 15% to 19.99%, and adds the premium to the mortgage. No 30-year surcharge is applied because the payment is fixed at 25 years. A down payment below 5% still shows 4.00%, but the shortfall row flags that it is below the minimum.
What interest rate does the monthly payment use?
The payment is fixed at 5.5% over 25 years with semi-annual compounding, the same convention the Canada mortgage calculator on this site uses. You cannot change the rate on this page. For other rates, amortizations or payment frequencies, use the Canada mortgage calculator.
How is the land transfer tax rebate handled?
The tool computes Ontario land transfer tax on the price using the provincial tiers and subtracts a rebate of up to $4,000, never more than the tax itself. It assumes you qualify and does not check eligibility. Toronto’s municipal tax and its separate rebate are not included here; use the Ontario land transfer tax calculator for a Toronto purchase.
What does the minimum down payment row mean?
It compares your total with 5% of the first $500,000 plus 10% of the portion up to $1,500,000, and 20% of the price at $1,500,000 or more. The shortfall is the gap, or "None" if you meet it. At a price of $1,600,000 with $100,000 available, the shortfall is $220,000 and the premium row says insurance is not available at that price.
What does the tool not cover?
Closing costs beyond land transfer tax, the stress test, income-based qualification, HBP repayment schedules, FHSA contribution room and deduction value, tax credits and grants, GST or HST on new homes, and Toronto’s municipal tax are outside the tool. Programs and limits change with federal and provincial budgets, and the tables are not updated automatically, so CRA, CMHC, your lender or a qualified adviser decides what applies.
Why does a very small down payment still produce a premium?
The tool applies the 4.00% rate to anything under 10% down, without a floor, so $20,000 on a $650,000 home still shows a premium on a $630,000 loan. It also reports a shortfall of $20,000 against the minimum, which is the signal that the purchase would not be allowed as entered.
Ontario first-time home buyer calculator — FHSA, Home Buyers’ Plan, CMHC premium and land transfer rebate
What the calculator combines
The page answers one question: given the price and the money you have, what down payment, mortgage and land transfer tax results? It adds cash, FHSA and RRSP withdrawals into a single down payment, applies the insurance tier that matches the resulting percentage, then estimates a monthly payment and the Ontario land transfer tax after the first-time rebate. Because the tiers key off the combined percentage, adding $10,000 from the FHSA can move you from one premium rate to the next.
Sources and limits in the figures built into this tool
The table lists how each input is treated. Rules for these accounts and for default insurance change with federal and provincial budgets, and the tool is not updated automatically, so CRA, CMHC or a qualified adviser governs the actual limits.
| Input | Treatment in this tool |
|---|---|
| Cash savings | Counted in full |
| FHSA balance | Counted in full, no cap applied |
| Your RRSP balance | Counted up to $60,000 |
| Partner’s RRSP balance | Counted up to $60,000 |
| Your income, partner income | Not used |
| Monthly payment | Fixed at 5.5% over 25 years, semi-annual compounding |
| Land transfer rebate | Up to $4,000, Ontario only |
Default scenario: $650,000 with $66,000 available
The default inputs use $30,000 of cash, a $16,000 FHSA balance and $20,000 of RRSP. The total is $66,000, which is 10.2% of the price. That falls in the 3.10% tier, so the premium is $18,104 on a $584,000 loan and the mortgage becomes $602,104. The estimated payment at 5.5% over 25 years is $3,675. Ontario tax on $650,000 is $9,475 before the rebate and $5,475 after it. The down payment clears the tiered minimum, so no shortfall is shown. An independent semi-annual payment calculation on the same mortgage matched the $3,675.
Three scenarios side by side
The table keeps the interest rate and amortization the same and changes the price and funding. The second row shows what happens with cash only: the 3.1% down payment is flagged as a $20,000 shortfall. The third combines $40,000 of FHSA, $35,000 of RRSP for one person and $20,000 for the partner, and ends at 17.2% down.
| Scenario | Down payment | Premium | Mortgage | Monthly | Land transfer tax | Shortfall |
|---|---|---|---|---|---|---|
| $650,000, default funding | $66,000 (10.2%) | 3.1%, $18,104 | $602,104 | $3,675 | $5,475 | None |
| $650,000, $20,000 cash only | $20,000 (3.1%) | 4.0%, $25,200 | $655,200 | $3,999 | $5,475 | $20,000 |
| $900,000, $60k cash, $40k FHSA, RRSPs | $155,000 (17.2%) | 2.8%, $20,860 | $765,860 | $4,675 | $10,475 | None |
| $1,600,000, $100,000 cash | $100,000 (6.3%) | Not available | $1,500,000 | $9,156 | $24,475 | $220,000 |
Reading the edge cases
At $1,600,000 the tool shows no insurance and a mortgage of $1,500,000, and the shortfall row is the 20% requirement minus your funds. The Toronto municipal tax, closing costs and the stress test are all absent, and the HBP and FHSA limits shown here are what the code contains, not necessarily the current limits. Treat the output as a planning illustration and confirm with your lender and CRA.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →