Mortgage Size
Default insured mortgage cap is $1.5M. First-time buyers & new builds can have up to 30-year amortizations (from Dec 15, 2024).
Down Payment & Property Type
Payment Frequency
Interest Rate
Amortization
Home Expenses
Rental Income
Check if you rent out part of your home.
Accelerated Payments & Pre-payments
Make a lump sum on your mortgage right away.
Extra principal applied once per year.
Advanced Settings
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Monthly Mortgage$0.00
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Home Expenses$0.00
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Other Expenses$0.00
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Rental Income$0.00
Mortgage Size: $0
Down Payment: $0
Mortgage Insurance: $0.00
Details
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Comparison: Your Scenario vs. Minimum 5% Down
Your Scenario (Below 5% Down)
Payment ignoring insurance: $0.00
Minimum 5% Down Scenario
Payment with insurance (5% down): $0.00
Compare Two Scenarios
Quickly see how different down payments or rates affect your monthly payment.
Scenario B Result
Monthly Payment: $0.00
Interest Paid Over Term: $0.00
Mortgage Insurance: $0.00
🚀 Why Use Our First-Time Homebuyer Calculator?
🏆 Trusted by Thousands of First-Time Buyers Across Canada
✅ Easy & Fast – Enter your details & get instant results
✅ Accurate & Up-to-Date – Uses latest 2025 mortgage rates & rules
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📖 How to Use the First-Time Homebuyer Calculator
🔹 Step 1: Enter Your Financial Details
- Income, down payment amount, debt obligations, and mortgage term.
🔹 Step 2: Customize Your Mortgage Options
- Adjust interest rates, payment frequency, and amortization period.
🔹 Step 3: Get Instant Affordability Results
- See how much home you can afford, monthly payments, and total mortgage costs.
🏡 First-Time Homebuyer Programs & Rebates (2025 Updates)
📌 Federal & Provincial Programs Available:
✅ First-Time Home Buyer Incentive (FTHBI) – Shared equity mortgage program
✅ RRSP Home Buyers’ Plan (HBP) – Withdraw up to $35,000 tax-free for your down payment
✅ Land Transfer Tax Rebates – Available in Ontario, British Columbia & Toronto
✅ GST/HST New Housing Rebate – Savings on newly built homes
💡 Frequently Asked Questions About First-Time Homebuyer Costs
How much can I afford as a first-time homebuyer in Canada?
Your affordability depends on your income, debts, and down payment. Use our First-Time Homebuyer Calculator to estimate your home price range.
What is the minimum down payment for first-time buyers?
5% on homes up to $500,000, 10% on the portion between $500,000 – $1.5M, and 20% for homes over $1.5M (CMHC insurance not available).
Are there special mortgage rules for first-time buyers in 2025?
Yes! First-time buyers in Canada can access a 30-year amortization period for new builds and qualify for federal incentives like the FTHBI.
How does mortgage pre-approval help first-time buyers?
Getting pre-approved helps you understand your budget, secure rates, and show sellers you’re serious.
What closing costs should first-time buyers expect?
Typical closing costs include land transfer tax, legal fees, home inspections, and title insurance—usually 1.5% to 4% of the home price.
How can I improve my chances of qualifying for a mortgage?
A larger down payment, lower debt, and a strong credit score will improve your approval chances and help you secure better interest rates.
📞 Speak to a Mortgage Expert
🚀 Need help understanding mortgage pre-approval, affordability, and first-time homebuyer incentives? Our licensed mortgage brokers are here to guide you.
📌 Book a FREE consultation today & get expert homebuying advice!
