First-Time Buyer Cash-to-Close Planner
Compare an Ontario first-time buyer's cash target, available purchase funds, cash gap, and savings timeline.
Before you use this tool
What it estimates
Compare an Ontario first-time buyer's cash target, available purchase funds, cash gap, and savings timeline.
Who it is for
Ontario first-time buyers turning savings and registered-plan funds into a purchase-readiness plan.
Numbers you need
Target purchase price, planned down payment, available cash and registered-plan funds, deposit already paid, protected emergency reserve, and monthly savings.
What the result means
The planner estimates a cash-to-close range, compares it with entered funds, and shows a possible savings timeline while preserving the selected reserve.
Next step
Use the result to identify a possible cash gap, then confirm minimum down payment, eligible funds, deposit treatment, and final closing figures before making an offer.
Review my purchase planStep 1
Set the purchase target
Step 2
Add funds expected to be available
Enter only funds you expect to document and use for this purchase. The deposit is counted separately as money already committed.
The current HBP limit is $60,000 per eligible participant. FHSA and HBP eligibility are not determined here; HBP withdrawals create future repayment obligations.
Step 3
Estimate the savings timeline
Cash target
$75,545–$77,795
Down payment, closing-cost range, and protected reserve.
Funds available
$70,000
Includes the deposit already paid.
Cash gap
$5,545–$7,795
Range depends on the final closing costs.
Cash-to-close plan
Down-payment target
$40,000 remains after the entered deposit.
$50,000
Estimated Ontario closing costs
Uses first-time-buyer treatment and standard editable allowances from the detailed calculator.
$13,545–$15,795
Protected emergency reserve
Kept outside the planned purchase spending.
$12,000
Estimated time to target
At the entered pace, the estimate reaches the range between October 2026 and November 2026.
3–4 months
Estimates only. This planner assumes an Ontario purchase outside Toronto and does not include Toronto municipal land transfer tax, new-build contract charges, investment changes, tax refunds, or lender documentation decisions. Confirm the purchase agreement, deposit, adjustments, rebates, registered-plan eligibility, and final funds with your lawyer, lender, plan issuer, and tax professional.
Customize the detailed closing-cost rangeReview minimum down payment and mortgage insuranceFrequently asked questions
What does cash to close include for a first-time buyer?
This planner combines the down-payment target, an estimated range for Ontario closing costs, and the emergency reserve you choose to protect. It then compares that requirement with cash savings, entered FHSA and Home Buyers' Plan funds, gifts or other documented funds, and any deposit already paid. The Ontario closing-cost calculator provides editable cost allowances.
Is the offer deposit an extra cost on top of the down payment?
Usually, the deposit paid after an accepted offer forms part of the total down payment rather than an additional purchase cost. This planner counts the entered deposit as money already committed toward the down-payment target. Your agreement of purchase and sale and lawyer's statement determine the exact treatment.
How much can a buyer use through the Home Buyers' Plan?
The current federal Home Buyers' Plan withdrawal limit is $60,000 per eligible participant. This planner applies that limit to one or two entered qualifying buyers. Eligibility, withdrawal timing, RRSP contribution timing, and future repayment obligations still need to be confirmed with CRA guidance and a qualified tax professional.
Does the planner calculate FHSA eligibility or tax savings?
No. Enter only the FHSA balance you expect to be available through a qualifying withdrawal. FHSA contribution room, qualifying-withdrawal rules, account growth, and tax treatment depend on each buyer's circumstances. The planner treats the entered amount only as a possible source of purchase funds.
Why protect an emergency reserve?
Using every available dollar at closing can leave little room for moving, repairs, furnishing, payment changes, or income interruptions. The reserve is an editable planning choice, not a lender requirement. Keeping it in the target makes the readiness result more conservative. The maximum mortgage and purchase price calculator can help compare this cash plan with a payment-comfort estimate.