Free planner / First-time buyers

Your first home, budgeted.

Five short steps from savings to keys: what you need for a down payment, what a lender may approve, the cash you need on closing day, and what owning really costs each month. Your answers stay in this browser.

Start planning Download the spreadsheet (Excel)

Estimated maximum price$639,424

Cash needed on closing day$57,491

Monthly cost of owning$4,113.09

Savings surplus or shortfall$10,509

Step 1 of 5 · Down payment

How much you need, and where it comes from.

Your targetTarget purchase price$Down payment you plan to make%Months until you buymonths

First Home Savings Account (FHSA)Current FHSA balance$Amount you add each year$Up to $8,000 a year, $40,000 lifetime.Your marginal tax rate%

RRSP Home Buyers' PlanCurrent RRSP balance$Amount you plan to withdraw$Up to $60,000. It must sit in the RRSP 90 days first.

Savings and giftsCurrent savings$Amount you save each month$Gift from family$

Your numbers

Planned down payment$50,000

Legal minimum down payment$25,000

FHSA available when you buy$16,000

Home Buyers' Plan you can use$34,000

Savings when you buy$18,000

Total available$68,000

FHSA tax refund (not counted)$2,400

The FHSA tax refund usually arrives after you file your return, which may be after closing, so it is not counted. Home Buyers' Plan repayments run over 15 years.

Step 2 of 5 · Affordability

What a lender may approve.

Income (before tax)Your annual income$Partner's annual income$

Monthly debt paymentsCredit cards (minimums)$Car loan or lease$Student loans$Other loans$

The mortgage and the homeMortgage rate%Example only. Use your lender's rate.Amortization30 years is for first-time buyers with an insured mortgage.Yearly property tax$Heating per month$Condo fees per month$

Your numbers

Stress test rate6.49%

Max monthly mortgage payment$4,029

Max mortgage$602,071

Price your savings allow$855,090

Price your income allows$639,424

Estimated maximum price$639,424

A more comfortable target (85%)$543,510

Lenders test you at the higher of your rate plus 2%, or 5.25%, and usually cap housing costs at 39% of gross income and all debts at 44%. A simplified estimate: your pre-approval is the real number.

Step 3 of 5 · Closing costs

The cash you need on closing day.

About you I am a first-time buyer

FeesLegal fees and disbursements$Title insurance$Home inspection$Appraisal$Tax and utility adjustments$Other$

Your numbers

Ontario land transfer tax$6,475

First-time buyer rebate−$4,000

Mortgage insurance rate3.10%

Insurance premium (added to mortgage)$13,950

8% tax on the premium (cash)$1,116

Closing costs$7,491

Total cash, with down payment$57,491

Your savings surplus or shortfall$10,509

Ottawa has no city land transfer tax. Ontario's 8% sales tax on mortgage insurance can't be added to the mortgage. Fee amounts are typical examples; your lawyer will confirm.

Step 4 of 5 · Monthly budget

What owning really costs each month.

Monthly costsHome insurance$Hydro and water$Internet and phone$Maintenance reserve$About 1% of the price a year is a common rule of thumb.Other regular costs$

Your numbers

Mortgage incl. insurance$463,950

Monthly mortgage payment$2,565.26

Property tax$445.83

Total monthly cost of owning$4,113.09

Lender's housing ratio (GDS)25.3%

All owning costs as % of income32.9%

How it looksManageable

Heating, property tax and condo fees come from step 2. Under 32% of income is comfortable, 32% to 39% manageable, over 39% stretched.

Step 5 of 5 · First year

After you get the keys.

Move-inMovers or truck$Packing supplies$Cleaning$Changing the locks$Utility setup fees$Small repairs$Basic tools$

First three monthsWindow coverings$Furniture$Kitchen basics$Cleaning equipment$Smoke and CO alarms$

Seasonal (it's Ottawa)Snow shovels or a snow blower$Lawn mower$Garden tools$

Monthly savings goalsEmergency fund$Repairs and upkeep$Appliance replacement$

Your numbers

Move-in$3,000

First three months$4,050

Seasonal$1,900

One-time costs$8,950

Monthly savings goal$1,500

Total first year$26,950

On top of your monthly costs. Build your emergency fund toward three to six months of expenses.

Estimates to help you plan, not financial, legal or tax advice. Rules as of October 2026. Your lender, lawyer and accountant will confirm your real numbers.

No pressure. No pitch.

Want a second pair of eyes?

Save your plan as a PDF and send it to us, or just call. We will walk through it with you and tell you honestly what we would change.

Start the conversation Call 613-558-3294

The Campbell-Maric Group · eXp Realty, Brokerage · 613-558-3294 · info@tcmgrealty.ca · yourhomeinottawa.ca