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Deposit PlannerSave for the Down PaymentLive
Target home price
$
$200,000$3,000,000
Already saved
$
$0$1,000,000
Monthly savings
$
$0$15,000
Expected return
%
0%10%
Target down payment
Assumes a constant target price and steady contributions. Actual minimum down is tiered (5% on the first $500k, 10% to $1.5M); 20%+ avoids CMHC default-insurance premiums.
Live analysis
Time to reach the goal6.6 years
Down-payment target$140,000
Monthly savings$1,200/mo
Projected balance$141,207
Breakdown
Target down payment · 20% of price$140,000.00
Already saved$30,000.00
Expected return3.00%
Balance by year
| Year | Balance | Contributed | Growth |
|---|---|---|---|
| 1 | $45,512 | $44,400 | $1,112 |
| 2 | $61,496 | $58,800 | $2,696 |
| 3 | $77,966 | $73,200 | $4,766 |
| 4 | $94,937 | $87,600 | $7,337 |
| 5 | $112,425 | $102,000 | $10,425 |
| 6 | $130,444 | $116,400 | $14,044 |
| 6.6 | $141,207 | $124,800 | $16,407 |
You reach $140,000 in about 6.6 years, with $16,407 from growth.
A savings goal, not a lending figure. Reaching 20% avoids CMHC premiums; below 20% the mortgage must be insured, if eligible.