Mortgage Planning Tools
Buying your first home starts long before you apply for a mortgage. Build a realistic savings goal, understand your down payment options, and begin creating a path toward homeownership.
Start PlanningYour Homeownership Goal
Start with an estimated purchase price. You can change it anytime to see how your down payment goal may change.
Your Down Payment Options
Select one of the goals below. Your progress and savings timeline will update automatically.
This does not need to be exact. A realistic starting range is enough to begin your plan.
This is a starting point, not a deadline.
Your first goal may be the minimum down payment. You can always continue saving while you learn more about your mortgage options and the other costs of buying a home.
Your Starting Point
Every down payment begins with a first dollar. Whether you've already started saving or you're just getting started, these numbers will help build your timeline.
Include only the money you expect to use toward your down payment.
Enter an amount you believe you can save consistently each month.
Your Progress
Your selected goal is the minimum down payment.
Your goal
$40,000
Already saved
$12,500
Left to reach your goal
$27,500
Savings progress
31%
You are already 31% of the way there.
That progress matters. Consistent saving can turn a large goal into a series of much smaller steps.
At Your Current Pace
Based on your current savings and the amount you plan to save each month.
Estimated Time
5 years and 9 months
At approximately $400 per month.
What if you saved a little more?
+$50/month
Save $450 monthly
5 years and 2 months
+$100/month
Save $500 monthly
4 years and 7 months
+$250/month
Save $650 monthly
3 years and 7 months
This is an estimate based on consistent monthly savings. It does not yet include investment growth, interest, bonuses, tax refunds, gifts, or other lump-sum contributions.
Your Next Step
You've already saved $12,500, bringing you to 31% of your minimum down payment.
At your current pace, your estimated timeline is 5 years and 9 months. That timeline can change as your income, expenses, and savings change.
A Personal Perspective
I'd focus on keeping the monthly amount realistic and consistent. A plan you can maintain is more useful than one that adds pressure to your budget.
This is also a good stage to understand how an FHSA, TFSA, or the RRSP Home Buyers' Plan might fit into your overall savings strategy.
— Kiersten
Remember
This is a starting point, not a deadline. Your timeline is not fixed. As your income, expenses, and savings change, your plan can change too.
Savings Strategies
Monthly savings are only one part of the plan. The right accounts, occasional lump sums, and small changes over time may all help you move toward your goal.
Smart Places to Save
You may be able to use more than one account. The best combination depends on your available contribution room, timeline, and personal tax situation.
First Home Savings Account
An FHSA is designed specifically to help eligible first-time buyers save for a qualifying home.
Contributions are generally tax-deductible, and a qualifying withdrawal can be made tax-free without needing to be repaid.
Tax-Free Savings Account
A TFSA can offer flexibility when your purchase timeline is still changing or your savings may need to remain accessible.
Withdrawals are generally tax-free, and the amount withdrawn is added back to your contribution room the following year.
RRSP Home Buyers' Plan
The Home Buyers’ Plan may allow an eligible buyer to withdraw up to $60,000 from an RRSP toward a qualifying home. It may also be used alongside a qualifying FHSA withdrawal when all requirements are met.
Withdrawals generally need to be repaid to the RRSP over 15 years. A missed required repayment may be included as taxable income.
You don't need to choose on your own.
A financial or tax professional can help you understand how these accounts fit your circumstances. When it's time to plan the mortgage, Kiersten can help connect the savings strategy to the purchase itself.
Ways to Reach the Goal Sooner
Your regular savings create the foundation. Other changes or occasional contributions may shorten the timeline without requiring every month to look the same.
An immediate family member may be able to gift part or all of the down payment. The lender will normally need confirmation that the money is a genuine gift and does not need to be repaid.
Directing some or all of a tax refund toward the down payment can create an extra contribution without changing the regular monthly plan.
If bonuses are part of your income, deciding in advance how much will go toward the goal can help turn irregular income into meaningful progress.
Even a modest increase may change the timeline. Choose an amount that works for your budget and adjust it when your circumstances change.
Testing a different price range may reveal a down payment goal and future mortgage payment that feel more comfortable.
When a loan or other debt is paid off, redirecting some or all of that former payment can increase savings without creating a brand-new expense.
Keep the plan realistic
You don't need to use every strategy. Choose the ideas that fit your life, protect enough room for unexpected expenses, and let the plan change as you do.
Other Costs to Prepare For
Keeping some money separate from the down payment can help you cover the purchase itself and settle into your home without immediately stretching your budget.
Legal fees and disbursements
A home inspection
Property transfer tax, when applicable
Moving expenses
Immediate repairs or essential furniture
An emergency savings cushion
Strata move-in fees, when applicable
See what your closing costs could look like.
Use the Closing Costs Tool to build a more complete estimate for your planned purchase.
Open the Closing Costs ToolYou Might Be Wondering
Your down payment is only one part of the decision. Here are some of the questions people commonly ask while building their plan.
Not necessarily. The minimum down payment depends on the purchase price. When you put down less than 20%, mortgage default insurance is generally required.
Read the complete answerContinue Your Journey
Your down payment is one part of the picture. These tools and guides can help you understand the numbers and decisions that come next.
Confirm the amount
See the minimum down payment and compare different down payment amounts for your target purchase price.
Plan the payment
Estimate what the mortgage payment could look like at different rates and amortizations.
Prepare for closing
Build a clearer estimate of the additional costs that may come with buying the home.
See the full journey
Understand the buying process from early planning and pre-approval through to receiving the keys.
A Note from Kiersten
Saving for a down payment is often the biggest hurdle for first-time buyers, but it’s also one of the most rewarding goals to work toward.
Over the years, I’ve met many people who believed homeownership was years away, only to discover they were much closer than they thought once they had a clear plan.
Every down payment starts the same way: with a first contribution, followed by another, and another. It isn’t about reaching your goal overnight. It’s about making steady progress toward something that matters.
Whether your goal is next year or several years from now, I hope this planner helps you feel more confident about where you’re starting, where you’re headed, and what your next step could be.
When you’re ready for that next step, I’d be honoured to help.