Down Payment Savings Calculator
Enter a target down payment, what is saved so far, and a monthly savings amount to see a rough timeline to get there.
What this timeline does and doesn’t include
This is a simple savings-rate projection: current savings plus monthly contributions, growing at a modest assumed rate of return, until the target down payment is reached. It doesn't account for programs like the FHSA, RRSP Home Buyers' Plan withdrawals, or gifted funds, all of which can shorten the runway considerably. Worth walking through those options together once a target is in sight.
Common questions
Does this include registered savings accounts like the FHSA?+
Not in this simplified version. Tax-advantaged accounts like the FHSA and the RRSP Home Buyers’ Plan can meaningfully speed up the timeline and are worth factoring in separately.
What down payment do I actually need?+
Minimum down payment in Canada is 5% on the first $500,000 of purchase price and 10% on the portion above that, up to $1.5 million, where 20% is required. The affordability calculator can help translate that into a target.
You have a savings target.
The FHSA and Home Buyers' Plan can get you there faster. Let's map it out.
