Ontario Downpayment Calculator

Buying a home in Ontario requires a downpayment, which is a percentage of the purchase price. Use our Ontario downpayment calculator to determine your required deposit based on the home price and your downpayment strategy. This tool helps you understand the financial commitment needed to purchase a property in Ontario.

How to Use This Calculator

To calculate your required Ontario downpayment:

Enter the purchase price of the home you're considering
Select your downpayment strategy (first-time buyer, repeat buyer, or owner-occupier)
Click "Calculate" to see your required downpayment amount
Review the result and compare it with your savings

The calculator will show you the minimum downpayment required based on current Ontario regulations. Remember that additional costs like closing fees, land transfer tax, and mortgage default insurance may apply.

Ontario Downpayment Rules

Ontario's downpayment requirements vary based on your status as a first-time buyer, repeat buyer, or owner-occupier. Here are the current rules:

First-Time Buyers

Minimum downpayment: 5% of the purchase price

Maximum mortgage amount: 95% of the purchase price

Repeat Buyers

Minimum downpayment: 10% of the purchase price

Maximum mortgage amount: 90% of the purchase price

Owner-Occupiers

Minimum downpayment: 5% of the purchase price

Maximum mortgage amount: 95% of the purchase price

These rules are subject to change, so it's important to verify current requirements with a mortgage professional or the Ontario government.

Calculator Formula

The Ontario downpayment calculator uses the following formula to determine your required downpayment:

Downpayment = Purchase Price × Downpayment Percentage

The downpayment percentage is determined by your status:

First-time buyers: 5%
Repeat buyers: 10%
Owner-occupiers: 5%

The calculator then formats the result as a currency value for easy reading.

Worked Examples

Example 1: First-Time Buyer

Purchase price: $400,000

Downpayment percentage: 5%

Calculation: $400,000 × 0.05 = $20,000

Required downpayment: $20,000

Example 2: Repeat Buyer

Purchase price: $500,000

Downpayment percentage: 10%

Calculation: $500,000 × 0.10 = $50,000

Required downpayment: $50,000

Example 3: Owner-Occupier

Purchase price: $350,000

Downpayment percentage: 5%

Calculation: $350,000 × 0.05 = $17,500

Required downpayment: $17,500

These examples illustrate how the downpayment amount varies based on the purchase price and your status as a buyer.

Frequently Asked Questions

What is the minimum downpayment required to buy a home in Ontario?: The minimum downpayment varies by buyer status: 5% for first-time buyers and owner-occupiers, 10% for repeat buyers.
Can I use a gift or inheritance as part of my downpayment?: Yes, gifts and inheritances can be used towards your downpayment, but they must be properly documented and may affect your mortgage eligibility.
Are there any exceptions to Ontario's downpayment rules?: Some exceptions may apply for certain types of properties or specific financial situations. It's recommended to consult with a mortgage professional.
How do I save for a downpayment?: Consider opening a dedicated savings account, setting aside a portion of your income, or using a downpayment savings plan through your financial institution.
What other costs are involved besides the downpayment?: Additional costs may include closing fees, land transfer tax, mortgage default insurance, and property taxes. These should be factored into your overall budget.