First-Time Home Buyer Calculator

Example$600,000 target · 20% down · $20,000 saved · $800/mo contributions · FHSA + HBP · Ontario

Home/Calculators/First-Time Buyer
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🏦First-Time Buyer Tracker

Down payment goal · 20% of $600,000 · 5yr plan

$120,000target · 100% funded · $120,820 stackable
FHSA $46,415·HBP $30,000·Closing relief $5,500·✓ Target reachable with conservative plan

FHSA projected

$46,415

$8,000/yr · $40,000 lifetime

HBP available

$30,000

repay over 15 years

Closing incentives

$5,500

LTT rebates + tax credits

Time to goal

8y 9m

at $800/mo savings

🏠Home target
Target home price
$
Down payment %
%
Timeline (years)
Expected return
%
💰Personal savings
Current savings
$
Monthly contribution
$
🏦FHSA
FHSA balance
$
Annual contribution?
$
📈RRSP / HBP
RRSP balance
$
HBP withdrawal?
$
Marginal tax rate?
%
Target down$120,000
FHSA tax savings$11,860
HBP repayment$167/mo
🎁Government incentives (2026)
Ontario LTT rebate
Up to $4,000 for eligible first-time buyers
$4,000
Federal First-Time Home Buyers' Tax Credit
$10,000 claim × 15% = up to $1,500 tax reduction (non-refundable)
$1,500
Total closing relief (confirmed)$5,500
🏦FHSA growth
Future value
$46,415
Investment gains
$6,415
Tax savings
$11,860

Tax-deductible contributions, tax-free growth, tax-free qualifying withdrawal. Room remaining: $0.

📋Home Buyers' Plan
Withdrawal
$30,000
Repay / yr
$2,000
Repay / mo
$167

Withdraw up to $60,000 tax-free per person. Repay over 15 years starting the second year after withdrawal.

🎯Down payment strategies
Recommended
Conservative
Use FHSA only, preserve RRSP for retirement
$46,415FHSA
$74,405Personal
Total$120,820
~$11,860 estimated tax savings on contributions
⚠ FHSA lifetime limit reached ($40,000)
Balanced
Use FHSA + moderate HBP withdrawal ($30k)
$46,415FHSA
$30,000HBP (RRSP)
$74,405Personal
Total$150,820
~$20,755 estimated tax savings on contributions
⚠ HBP requires repayment of $2,000/year over 15 years
⚠ FHSA lifetime limit reached ($40,000)
Aggressive
Use FHSA + maximum HBP withdrawal ($60k)
$46,415FHSA
$30,000HBP (RRSP)
$74,405Personal
Total$150,820
~$20,755 estimated tax savings on contributions
⚠ HBP requires repayment of $2,000/year over 15 years
⚠ FHSA lifetime limit reached ($40,000)
📌2026 programs to know
▸ FHSA: $8,000/yr · $40,000 lifetime · couples up to $80,000 combined.
▸ HBP: $60,000/person ($120,000/couple) · 15-year repayment.
▸ Federal tax credit: up to $1,500 (15% of $10,000 claim).
▸ Ontario HST rebate: up to $130,000 on eligible new builds (Apr 2026–Mar 2027).
▸ Ontario LTT: up to $4,000 · Toronto adds up to $4,475 municipal rebate.
▸ Stress test: qualify at contract rate + 2% or 5.25% floor (OSFI B-20).
▸ 30-year amortization: available for FTBs on new builds (insured mortgages).
🏦FHSA rules▼
📋HBP rules▼
🔗Explore calculators▼

What's Next?

Check AffordabilitySee what home you can afford with $120,000 downFull Mortgage CalculatorRun a detailed buy vs rent analysisTFSA · RRSP · FHSACompare registered account growth for your down payment

Estimates only · FHSA $8,000/yr ($40,000 lifetime) · HBP $60,000/person · Federal FTB tax credit up to $1,500 · Ontario expanded HST rebate up to $130,000 on eligible new builds (Apr 2026–Mar 2027) per Ontario · Federal GST rebate (Bill C-4) shown separately if pending · Sources: RateHub, CRA. Not financial advice.

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About this calculator

Updated April 2026

This first-time home buyer tracker stacks your FHSA (First Home Savings Account) and RRSP Home Buyers' Plan into one savings plan and shows when you'll hit your down payment target. A couple can access up to $200,000 in tax-advantaged funds - FHSA withdrawals are never taxed, and HBP is tax-free at withdrawal but must be repaid over 15 years.

What you can do with it

  • Plan the order you should contribute to FHSA vs RRSP vs TFSA each year.
  • Project when you'll reach a specific down payment target (e.g. $100,000 by 2029).
  • Compare single vs couple strategies - a couple's combined limits are double.
  • See the HBP repayment obligation you're signing up for.

How the math works

FHSA contribution limit is $8,000/year and $40,000 lifetime; unused room carries forward up to $8,000. HBP allows $60,000 per person (raised from $35,000 in 2024) repaid over 15 years starting the second year after withdrawal. The tracker grows contributions at your chosen return rate and flags the first month your combined balance meets your target.

Canadian context - 2026

A couple with both FHSAs maxed plus both HBPs used can contribute up to $200,000 tax-free or tax-deductible toward a first home. FHSA must be used within 15 years of opening (or age 71, whichever comes first) or converted to RRSP.

Frequently asked questions

What is the FHSA (First Home Savings Account)?

The FHSA is a registered account introduced in 2023 that combines RRSP-style deductibility on contributions with TFSA-style tax-free withdrawals for a qualifying first home purchase. You can contribute up to $8,000 per year with a $40,000 lifetime limit.

How does the RRSP Home Buyers' Plan work?

The HBP lets first-time buyers withdraw up to $60,000 from their RRSP tax-free to buy or build a qualifying home. The withdrawn amount must be repaid to your RRSP over 15 years; any unpaid portion is added to taxable income each year.

Can I combine FHSA and RRSP HBP for a down payment?

Yes. A single buyer can use up to $40,000 from FHSA plus up to $60,000 from RRSP HBP, for up to $100,000 tax-advantaged down payment. A couple can access up to $200,000 combined. FHSA withdrawals require no repayment; HBP must be repaid over 15 years.

Go deeper - related guides

Long-form explainers that pair with this calculator.