What Will This Home Actually Cost Me?

GTA Home Ownership Budget Calculator

Estimate the cash needed to purchase a home and the true monthly cost of ownership — including mortgage, property tax, condo fees, utilities, insurance, maintenance and GTA closing costs.

1. Purchase & financing

Purchase price ($)

Property location

Property type

Purchase type

Down payment ($)

Mortgage interest rate (%)

Amortization

Deposit already paid ($) Counts toward the down payment, not an extra cost.

Assume buyer qualifies for available Ontario and Toronto first-time home buyer land-transfer-tax rebates.

For an insured 30-year mortgage, assume buyer/property is eligible (first-time buyer or new build, subject to lender/insurer rules).

First-time buyer savings programs — general information

RRSP Home Buyers’ Plan (HBP)

Eligible buyers can currently withdraw up to $60,000 per person from an RRSP under the HBP to buy or build a qualifying home.

The HBP generally must be repaid to the RRSP over a 15-year repayment period. For a first HBP withdrawal made from 2026 through 2028, current federal rules defer the first repayment year until the fifth year after the withdrawal year.

First Home Savings Account (FHSA)

If eligible, an FHSA combines useful tax benefits: qualifying contributions are generally tax-deductible, investment growth can be tax-free, and a qualifying first-home withdrawal is generally tax-free and does not need to be repaid.

Current participation room starts at $8,000 in the year the first FHSA is opened, with additional annual room subject to the rules and a $40,000 lifetime limit. Up to $8,000 of unused participation room can generally carry forward.

Eligible buyers can use an HBP withdrawal and a qualifying FHSA withdrawal toward the same qualifying home. Eligibility and tax treatment should be confirmed using current CRA guidance or with a qualified tax/financial professional.

2. Monthly home ownership costs

Annual property tax ($) Use the listing/municipality amount when known.

Monthly condo / POTL fee ($)

Home insurance / month ($)

Electricity / month ($)

Natural gas / month ($)

Water / waste / month ($)

Internet / month ($)

Maintenance reserve (% of home value / yr) Planning reserve, not a bill. Customize for property age/condition.

Other recurring home costs / month ($) Parking rental, rental equipment, alarm, etc.

3. One-time closing & move-in costs

Lawyer + typical disbursements ($)

Home inspection ($)

Appraisal / lender fee ($)

Moving expenses ($)

Closing adjustments buffer ($) Property tax, utilities, condo/common-expense adjustments, etc.

Furniture / setup / immediate repairs ($)

Other closing costs ($)

4. Household budget context optional

Household take-home income / month ($)

Other fixed debt payments / month ($)

Cash savings available ($)

Estimated all-in monthly ownership cost

Mortgage payment

Cash needed to purchase

Additional cash after deposit

Mortgage amount

Monthly affordability snapshot

Compares entered monthly take-home income with estimated home ownership costs plus other fixed debt payments.

Take-home income

—

Fixed monthly expenses

—

Estimated cash remaining / month—

Fixed expenses as % of take-home—

Monthly breakdown

Total monthly ownership

Cash needed to purchase

Total cash requirement

Mortgage & tax details

Base mortgage before insurance	$0
Mortgage insurance premium	$0
Ontario land transfer tax	$0
Toronto municipal land transfer tax	$0
Estimated first-time-buyer rebates	$0

Planning estimate only. Actual mortgage qualification, insurance, taxes, legal adjustments, rebates, utility costs and new-construction charges depend on the buyer, property, lender, insurer, municipality and agreement. Buyers should confirm figures with their mortgage professional and real-estate lawyer before relying on them.

Have Questions?

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