Your down payment isn't the number.
Most first-time buyers save for the down payment and stop there. On closing day you also pay land transfer tax, sales tax on mortgage insurance, your lawyer and more. Enter two numbers and see the real total.
How your cash stacks up
You need $64,971 on closing, not $45,000.
You're $4,971 short of that with $60,000 saved.
Close the gap
Change the price
Add money you haven't counted
Change the story
When the money leaves your account
Your savings, drawn down from the day your offer is accepted to the day you get the keys. Use the arrow keys to move between stages.
Every line, and why it's there
Open any line for a plain explanation. Amounts marked approx. are typical, not rules. You can change them.
How it's worked out
Rules
What it leaves out
- New builds (HST, Tarion, development charges) and condo status certificates.
- Homes outside Ontario, and multi-unit or non-resident purchases.
- Lender fees, appraisal fees and your first mortgage payment.
- Partial rebates when only one buyer is a first-time buyer.
- The land transfer tax refunds need you to have never owned a home. The 30-year insured amortization uses a looser test (no home you owned and lived in during the last four years), so some repeat buyers qualify for it too. The toggle uses the stricter one.
This is a planning tool, not advice. Your lawyer's statement of adjustments is the final word.