Down Payment Savings Calculator
Calculate how long it will take to save for your down payment and see a month-by-month savings plan.
Calculator Inputs
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Key Facts
Updated April 2026
- FHA loans require only 3.5% down; conventional can go as low as 3%
- 20% down avoids PMI ($100-300/month) and CMHC insurance in Canada
- High-yield savings accounts earn 4.2-4.8% APY on your down payment savings
- Canadian FHSA allows $8,000/year tax-deductible savings for first home
- Average first-time buyer puts down 6-8%, not 20%
Pro Tips
Keep down payment savings in a HYSA — never in stocks for goals under 5 years.
Direct 100% of tax refunds and bonuses to your down payment fund to accelerate the timeline.
Check state/provincial first-time buyer programs — many offer $5,000-$15,000 in assistance.
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