Residential Homeownership Planning
Your home starts with a plan.
Understand the upfront funds, choose a timeframe and build a savings plan around what you can comfortably commit today.
Understanding Your Upfront Funds
Buying a home usually requires funds before the mortgage is in place. Preparing for these costs ahead of time can help you enter the mortgage process in a stronger financial position.
Down Payment
The portion of the purchase price you contribute yourself. The amount required is not the same everywhere: it can vary depending on the financial institution, the property and your personal circumstances as an applicant.
Associated Purchasing Costs
Costs connected to completing the purchase, such as legal fees, valuation, stamp duty and other closing expenses. These are separate from your down payment and should be planned for as well.
Homeownership Calculator
Results update instantly. All figures are planning estimates only.
Down Payment: $150,000
This is a planning selection, not a lending requirement. Actual down-payment requirements vary by institution, property and applicant.
Estimated: $75,000
Default planning assumption of 5% of property value. An estimate only, not a guaranteed final cost.
Target Plan
Your Starting Plan
You're building toward your goal. At $1,500 per month for 5 years, you would contribute $90,000. Combined with $0 already saved, you would have $90,000 in planned funds before considering any investment returns.
Your current commitment doesn't fully reach your estimated target within your selected timeframe, but it gives you a starting point.
- Start with the amount you can comfortably commit today.
- Increase your contribution as your income grows.
- Consider a longer timeframe.
- Review your target property range.
- Speak with Josiah about building a personalized strategy.
At $1,500 per month, you could reach your full target in about 12 years 6 months, without assuming any investment returns.
Continue at Your Current Amount
Step Up Annually to Reach Your Goal
Start where you are. Grow your contribution as your income and circumstances improve. Based on the figures you've entered, here's one way you could start at $1,500 per month and gradually increase your contribution each year while still working toward your target timeframe.
| Year | Monthly | Annual | Cumulative | Target |
|---|---|---|---|---|
| Year 1 | $1,500 | $18,000 | $18,000 | 8% |
| Year 2 | $2,625 | $31,500 | $49,500 | 22% |
| Year 3 | $3,750 | $45,000 | $94,500 | 42% |
| Year 4 | $4,875 | $58,500 | $153,000 | 68% |
| Year 5 | $6,000 | $72,000 | $225,000 | 100% |
A planning illustration only. It is not guaranteed or automatically affordable.
Your Homeownership Preparation Plan
More than a savings schedule.
Year 1
Start Building
Begin monthly savings + set your financial baseline.
Year 2
Build Momentum
Increase savings where possible + review existing debts.
Year 3
Review Progress
Review savings, DSR, credit and affordability.
Year 4
Prepare
Keep building funds + begin preliminary mortgage preparation.
Year 5
Mortgage Ready
Target upfront funds + prepare for pre-qualification.
A preparation guide only. It does not guarantee mortgage approval.
All calculations are estimates for planning purposes only and do not include interest or investment returns. This calculator is not a mortgage approval or pre-approval. Actual mortgage, down-payment and closing-cost requirements depend on the financial institution, the property and the applicant.
Your Path to Mortgage Readiness
Saving Is Step One.
Your down payment matters. So do the other parts of your financial position.
SavePrepareReviewOwn
- Start here
Build your funds
Down payment + estimated associated costs.
- Step 2
Manage your debt
Understand and improve your Debt Service Ratio (DSR).
- Step 3
Protect your credit
Maintain a healthy credit history and repayment record.
- Step 4
Build income stability
Maintain stable, verifiable income and employment.
- Step 5
Get mortgage ready
Prepare documents, review affordability and move toward pre-qualification.
While you build your savings, we help you prepare the rest.
Upfront Funds
Your down payment plus associated costs.
DSR
How much of your income already goes to debt.
Credit
Your borrowing and repayment history.
Income & Employment
Stable, verifiable income and work history.
Documentation
The information needed for a mortgage application.
Reviewed along the way.
Preparation can take several years. Periodic reviews keep your plan on track.
Don't Just Save for the Home. Prepare for the Mortgage.
Use the years ahead to build your funds, strengthen your financial position and prepare for homeownership.
Need help building your plan?
Talk it through with The Mortgage Man.
Review your target, timeframe and a monthly commitment that fits your present circumstances.
Book a ConsultationLet's Build Your Homeownership Plan
You don't have to wait until you're "ready" to start preparing. We can build a strategy around what you can comfortably commit today and review it as your circumstances change.