Down Payment Timeline Calculator
See how long it could take to save for a home in Canada based on the purchase price, your current savings, your monthly savings amount, and a realistic closing cost buffer.
Your numbers
CAD estimateUse the approximate purchase price you are aiming for.
Custom and 10% options still respect the Canadian minimum.
Example: enter 15 for a 15% down payment.
Money already set aside for the home purchase.
How much you can realistically save each month.
Canada.ca suggests budgeting about 1.5% to 4% for upfront home-buying costs.
This is a planning estimate. It does not calculate mortgage approval, mortgage default insurance premiums, land transfer tax by province, property tax adjustments, legal fees, or investment returns.
Your result
ReadyEnter your numbers to estimate your down payment timeline.
What if you saved more?
Milestone dates
- 25% funded--
- 50% funded--
- 75% funded--
- 100% funded--
Next step: after you know the target, run your free monthly breakdown in Pilot Wealth to see how much you can realistically save without guessing.
Run your free breakdownHow the calculator works
This calculator uses your target home price, selected down payment goal, current savings, monthly savings amount, and closing cost buffer to estimate your timeline.
Canadian minimum down payment logic
For the Canada minimum option, the calculator uses the federal minimum down payment tiers: 5% up to $500,000, 5% on the first $500,000 plus 10% on the portion above $500,000 for homes under $1.5 million, and 20% for homes priced at $1.5 million or more.
Why closing costs are included
A down payment is not the only cash you need to buy a home. Buyers may also need money for legal fees, inspection costs, title insurance, tax adjustments, land transfer tax, and moving costs. That is why this calculator includes an editable closing cost buffer.
How to use the result
- Start with the estimated ready date and total cash target.
- Check the weekly equivalent to see if the monthly savings pace feels realistic.
- Use the milestone dates to track whether you are falling behind or getting ahead.
- Run a monthly spending breakdown in Pilot Wealth to see where your actual savings room is.
Down payment timeline FAQ
How much down payment do I need in Canada?
For homes priced at $500,000 or less, the minimum down payment is 5%. For homes from $500,000 to under $1.5 million, it is 5% on the first $500,000 plus 10% on the amount above $500,000. For homes at $1.5 million or more, the minimum is 20%.
Does this calculator include closing costs?
Yes. It includes an editable closing cost buffer. Canada.ca says buyers should be prepared for upfront costs in addition to the mortgage, often around 1.5% to 4% of the purchase price.
Can I buy with less than 20% down?
Often, yes, if you meet lender requirements. However, a down payment below 20% usually means mortgage loan insurance may be required.
How long does it take to save for a down payment?
It depends on your target home price, current savings, and monthly savings amount. For example, if you still need $45,000 and save $1,500 per month, the simple timeline is about 30 months.
What is the fastest way to shorten my timeline?
The fastest way is usually to increase the monthly savings amount, lower the target home price, choose a smaller down payment goal if appropriate, or reduce spending that is not helping your goal. The scenario cards show how much faster your timeline gets if you save an extra $100, $250, or $500 per month.
How can Pilot Wealth help after this?
The calculator gives you the target. Pilot Wealth helps with the next step: seeing your real monthly breakdown, finding realistic savings room, and tracking the down payment goal beside your budget.
Is this financial advice?
No. This calculator is for educational planning only. It does not replace advice from a qualified mortgage broker, tax professional, lawyer, or financial advisor.