How this calculator works
The down payment reduces the amount borrowed before any financed default insurance. Minimum mode uses the Canadian price brackets verified on November 1, 2026: 5% through $500,000, then 10% on the portion below $1.5 million, and 20% of the full price at $1.5 million or more. The savings timeline assumes no investment return or change in the purchase price.
Formula
Down payment = price × down payment percentage. Mortgage = price - down payment. Savings remaining = max(0, down payment - existing savings). Months to save = ceiling(remaining / monthly savings). Canadian minimum below $1.5 million = 5% × min(price, $500,000) + 10% × max(0, price - $500,000).
Worked example
At a $600,000 price, the Canadian minimum is $25,000 plus $10,000, or $35,000. With $20,000 saved and $1,000 added monthly, the remaining $15,000 takes 15 months.
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Frequently asked questions
Does the minimum guarantee approval?
No. Income, credit, property type and mortgage insurance eligibility still apply. Lenders can require more cash.
Are closing costs included?
No. Legal fees, land transfer charges, moving costs and any tax on insurance premiums need a separate cash budget.
Is default insurance included in the loan?
No. This page reports the mortgage before premiums. Obtain the applicable insurance quotation from your lender.