Calculate required down payments, CMHC insurance, and first-time home buyer benefits in Canada with detailed cost breakdowns.
A down payment is the initial amount you pay when purchasing a home. In Canada, the minimum down payment varies based on the home price, and down payments under 20% require CMHC insurance to protect the lender.
| Home Price | Min Down | CMHC Rate | Total Cost |
|---|---|---|---|
| $400,000 | $20,000 (5%) | 4.0% | $20,000 + $15,200 |
| $600,000 | $35,000 (5.8%) | 3.1% | $35,000 + $17,500 |
| $800,000 | $55,000 (6.9%) | 2.8% | $55,000 + $20,800 |
| $1,000,000 | $200,000 (20%) | 0% | $200,000 |
Withdraw up to $35,000 from RRSPs tax-free for first home purchase. Must repay over 15 years.
Government shares in home equity (5-10%) to reduce mortgage payments. Must be repaid when selling.
Provincial rebates available in Ontario and BC. Can save thousands on closing costs.
The minimum down payment is 5% for homes under $500,000, 5% on the first $500,000 plus 10% on amounts between $500,000-$1,000,000, and 20% for homes over $1,000,000. CMHC insurance is required for down payments under 20%.
CMHC insurance protects the lender if you default on your mortgage. It's required for down payments under 20% and rates range from 4.0% to 2.4% based on your loan-to-value ratio. The premium is added to your mortgage amount and paid over the life of the loan.
Yes, through the RRSP Home Buyers' Plan, you can withdraw up to $35,000 tax-free from your RRSP for a first home purchase. You must repay the amount over 15 years, starting in the second year after withdrawal.
A 20% down payment eliminates CMHC insurance (saving thousands), often results in better mortgage rates, reduces monthly payments, and provides immediate equity in your home. It also demonstrates financial stability to lenders.
The FTHBI is a shared equity program where the government provides 5-10% of the home's value to reduce your mortgage. You must repay the amount when you sell, and it's only available for homes under $500,000 in most areas.
Total cost includes: down payment + CMHC insurance + land transfer tax + legal fees + home inspection + moving costs + property taxes + insurance + utilities setup. This can add 2-5% to your total purchase cost.
Yes, options include: RRSP Home Buyers' Plan, First-Time Home Buyer Incentive, family gifts (with proper documentation), government programs, and employer assistance programs. Some provinces also offer additional incentives.
You can still buy with 5% down, but you'll pay CMHC insurance. Consider saving longer, using RRSP funds, getting family help, or looking at less expensive properties. The key is ensuring you can afford the monthly payments.
Calculate mortgage payments, amortization schedules, and total costs for home financing.
Calculate Mortgage →Compare renting vs buying a home with detailed cost analysis and opportunity costs.
Compare Rent vs Buy →Calculate rental property yields, cash flow, and ROI for real estate investments.
Calculate Rental Yield →Calculate your TFSA contribution limits and tax-free growth projections.
Calculate TFSA →Calculate your RRSP contribution limits and tax savings for retirement planning.
Calculate RRSP →Calculate tax on Canadian dividends with provincial breakdowns and tax credits.
Calculate Dividend Tax →