Down Payment Timeline Calculator
Your numbers
The Canadian minimum always applies.
Canada.ca suggests 1.5% to 4% of the price for upfront costs.
Enter your numbers to estimate your down payment timeline.
If you saved more each month
Milestone dates
- 25% funded--
- 50% funded--
- 75% funded--
Minimum down payment in Canada
The Canada minimum option uses the federal tiers below. Anything under 20% down also needs mortgage default insurance, and the premium is added to the loan.
| Home price | Minimum down payment |
|---|---|
| Up to $500,000 | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000, plus 10% of the rest |
| $1.5 million or more | 20% of the price |
What the cash target includes
Buying a home takes more cash than the down payment. Legal fees, inspections, title insurance, tax adjustments, land transfer tax and moving costs arrive around closing. The calculator adds a buffer for them to the down payment, and you can edit that buffer, before it estimates your timeline.
Sources
Down payment questions
Can I buy with less than 20% down?
Yes, if your lender approves the mortgage. Below 20% down, the mortgage needs default insurance, and the premium is added to the loan.
How long does it take to save for a down payment?
That depends on the home price, what you have already saved and how much you can put away each month. If you still need $45,000 and save $1,500 a month, the timeline is about 30 months.
What is the fastest way to shorten my timeline?
Saving more each month has the biggest effect. The calculator shows how many months an extra $100, $250 or $500 would cut. A lower target price or a smaller down payment also shortens the timeline, but anything under 20% down brings mortgage default insurance.
This is an educational estimate. It assumes your savings earn no investment return. Pilot Wealth cannot guarantee mortgage approval, affordability, tax eligibility, closing costs or insurance requirements, so confirm the numbers with your lender and a qualified advisor.