The Down Payment Tool: Find out when you’ll be a homeowner
Saving for a down payment is the entrance exam for home ownership. How long will it take you to break into the market? Find out with this new interactive tool.
For new and potential home buyers, saving enough money for down payment can be one of the hardest obstacles in the home buying process. Using this new, interactive tool should help give you an approximate time line on how long it would take you to save enough.
Fill out the preferences on the tool and it will calculate how long it'll take you to build savings for a minimum down payment. You can use this tool to for your desired city.
One thing to note is how much you put for down payment can affect how much your mortgage insurance premium will be. If possible, it is always suggested for you to put down 20% to avoid the premium entirely, but with today's record home prices, this isn't always possible. Visit our "Mortgage Calculators" page in order to find more tools to help budget for your upcoming home purchase!
Click here to view the interactive down payment tool on the Globe and Mail.