First-Time Home Buyer Calculator 2026 | Down Payment & Costs
Free 2026 Canada First-Time Home Buyer Calculator. Estimate down payment, CMHC insurance, closing costs, land transfer tax, monthly payments, and affordability. Includes FHSA, RRSP Home Buyers' Plan, and provincial rebates.
Updated for 2026
Property Information
Down Payment
Mortgage Information
Income & Affordability
Government Programs
Additional Housing Costs
✓ Last updated: March 2026 | Built with CRA-official rates, Bank of Canada data, and OSFI guidelines
How to Use This Calculator
Provide the expected purchase price and province where you plan to buy.
Enter your available down payment and indicate whether you qualify as a first-time home buyer.
Add FHSA savings and RRSP Home Buyers' Plan withdrawals.
See mortgage payments, closing costs, CMHC premiums and cash needed to purchase the home.
Understanding Your Results
- CMHC InsuranceMortgage default insurance required when the down payment is below certain thresholds under Canadian mortgage rules.
- Closing CostsAdditional purchase expenses including legal fees, title insurance, inspections and adjustments.
- Land Transfer TaxA provincial tax charged when purchasing property. Rates and rebates vary by province.
- FHSAThe First Home Savings Account provides tax-deductible contributions and tax-free withdrawals for eligible home purchases.
Key Tips
- ✓A larger down payment can reduce or eliminate CMHC mortgage insurance premiums.
- ✓Budget for closing costs in addition to the down payment.
- ✓Use FHSA contributions before purchasing to maximize tax benefits.
- ✓Compare mortgage rates from multiple lenders before committing.
Related Calculators
Understanding First-Time Home Buying in Canada
Minimum Down Payment Rules
Canadian mortgages require a minimum down payment that varies based on property value. Higher-priced homes generally require larger minimum down payments.
CMHC Mortgage Insurance
When your down payment is below the uninsured threshold, mortgage default insurance may be required and added to your mortgage balance.
First Home Savings Account (FHSA)
The FHSA allows eligible Canadians to save for a first home with tax-deductible contributions and tax-free withdrawals.
RRSP Home Buyers' Plan
Eligible first-time buyers can withdraw funds from an RRSP under the Home Buyers' Plan and repay them over time.
Closing Costs and Taxes
Home buyers should budget for legal fees, inspections, title insurance, land transfer taxes and other transaction costs.
Mortgage Affordability
Lenders evaluate affordability using income, debts, property taxes, heating costs and mortgage stress-test requirements.
Example First-Time Home Purchase
Ontario buyer purchasing a $600,000 property.
- Purchase Price
- $600,000
- Down Payment
- $60,000
- Household Income
- $100,000
- Mortgage Rate
- 5.25%
- Mortgage Amount
- $540,000
- CMHC Premium
- Based on insured mortgage rules
- Monthly Payment
- Estimated from rate and amortization
- Cash Required
- Down payment + closing costs
Frequently Asked Questions
Clear answers to common questions to help you use this calculator confidently.
What is CMHC insurance?
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What is CMHC insurance?
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Canada Mortgage and Housing Corporation (CMHC) insurance is required when down payment is less than 20%. It protects the lender if you default, and the cost is added to your mortgage.
What are closing costs?
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What are closing costs?
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Closing costs include land transfer tax, legal fees, property inspections, title insurance, and property tax adjustments - typically 3-4% of home price.
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