First-Time Home Buyer Calculator 2026

Canada Mortgage and Housing Corporation (CMHC) insurance — or an equivalent approved insurer — is required whenever your down payment is below 20% of the purchase price. It protects the lender if you default. The premium ranges from 0.6% at 65% loan-to-value up to 4.0% at 95% loan-to-value, and is added to your mortgage balance rather than paid upfront.

The minimum down payment is 5% on the portion of the purchase price up to $500,000, 10% on the portion between $500,000 and $1,000,000, and 20% on any amount above $1,000,000. This calculator applies those same thresholds when checking whether your entered down payment meets the minimum.

Closing costs include land transfer tax, legal fees, property inspections, title insurance and property tax adjustments — typically 1.5% to 4% of the home price depending on your province. This calculator estimates them as a percentage of purchase price, and separately estimates land transfer tax (with a first-time buyer rebate applied for Ontario and BC where eligible).

Both are entered as funds available toward your purchase and are subtracted from the total cash you need to close (down payment plus closing costs plus land transfer tax). The First Home Savings Account (FHSA) offers tax-deductible contributions and tax-free withdrawals for a qualifying first home; the RRSP Home Buyers' Plan lets eligible first-time buyers withdraw RRSP savings that must later be repaid.

It currently supports detailed land transfer tax rules only for Ontario and BC (other provinces use a simplified flat-rate estimate), and does not model closing-cost variation by province beyond the percentage you enter. Use it for early budgeting, and confirm exact CMHC premiums, land transfer tax and closing costs with your lender and lawyer before making an offer.