5% / 10% / 20% goals · FHSA boost · free
Down Payment Savings Calculator — When Can You Buy?
See exactly how long it takes to save for a 5%, 10%, or 20% down payment, and how much faster the FHSA gets you there. The FHSA gives you an $8,000/year tax deduction AND tax-free growth — it's the single most powerful tool for first-time buyers in Canada.
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The purchase price of the home you want to buy.
Your current combined savings toward a down payment.
Your monthly savings contribution outside of FHSA.
The FHSA allows up to $8,000/year in tax-deductible contributions, $40,000 lifetime.
Minimum Down Payment
$45,000
On $700,000 home
Your Saved Scenarios
No saved scenarios yet
What you'll need
- ·Target home price
- ·Current savings toward down payment
- ·Monthly savings contribution
- ·Whether you're using an FHSA
What you'll get
- ✓Time to each goal — Months to reach 5%, 10%, and 20% down payment
- ✓FHSA tax savings — How much faster the FHSA gets you there
- ✓Savings timeline — Month-by-month progress toward your target
- ✓Minimum down payment rules — Based on your home price range
How it works
Enter your target home price and current savings
We calculate the minimum down payment required under Canadian rules — 5% on first $500K, 10% on $500K–$999K portion.
Set your monthly savings amount and FHSA status
If you're using a First Home Savings Account, we add up to $8,000/year in tax-deductible contributions and estimate your tax savings.
See your timeline to 5%, 10%, and 20% down
Compare how long it takes to reach each milestone and how much faster the FHSA accelerates your savings with compounding returns.
FHSA vs No FHSA: $700,000 Home Target, $50K Saved, $2,500/mo
| Goal | No FHSA | With FHSA ($8K/yr) | Time Saved |
|---|---|---|---|
| 5% down ($35K) | Already there | Already there | — |
| 10% down ($70K) | 8 months | 7 months | 1 month |
| 20% down ($140K) | 3.2 years | 2.9 years | ~4 months |
FHSA also generates estimated $13,400 in tax refunds over 3 years at 43% marginal rate — money that further accelerates savings.
Frequently asked questions
How much do I need for a down payment in Canada?+
In Canada: 5% minimum on homes under $500,000. On homes $500K–$999K, it's 5% on the first $500K plus 10% on the remainder. Homes $1M–$1.5M require 20%. Above $1.5M is also 20%. Less than 20% requires CMHC mortgage insurance.
How does the FHSA help with a down payment?+
The First Home Savings Account lets first-time buyers contribute up to $8,000/year (max $40,000 lifetime) to an account that is both tax-deductible on contribution AND tax-free on withdrawal for a first home purchase — combining the best features of an RRSP and a TFSA.
Should I put more than 20% down on a Canadian home?+
20% eliminates CMHC insurance, which saves 2.8–4% of the purchase price in premiums. However, if putting in more than 20% means depleting your emergency fund or high-interest savings, the math may favour a smaller down payment and keeping the cash. Compare the CMHC premium cost to what that money could earn invested.
Can I use RRSP funds for a down payment in Canada?+
Yes, through the RRSP Home Buyers' Plan (HBP). You can withdraw up to $35,000 (per person, $70K for couples) tax-free, but must repay the RRSP over 15 years. If you miss a repayment year, that amount is added to your taxable income. The FHSA is often better for most buyers as it doesn't require repayment.
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Back to the calculator ↑Down Payment Savings Calculator Canada is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.