Case Study: Buying for the First Time

Robert and Kay are getting married and they are first-time home buyers looking to purchase their starter home just outside of the city. They are both young working professionals with strong credit histories and low debt-to-income ratios.

The couple saw many listings and finally put a deposit on a spacious $800,000 bungalow in Innisfil, Ontario. They wanted to put the minimal down payment so that they could preserve some capital for closing costs and furniture.

How 360Lending helped Robert and Kay buy their first home

We advised that the minimum down payment for an $800,000 property would be $55,000 or 6.88% of the purchase price. However, they will need to qualify for CMHC insurance since their down payment is less than 20%.

Robert and Kay will only pay for the provincial portion of the land transfer tax since their property is outside of Toronto, and they will also receive the maximum rebate of $4,000 as first-time home buyers.

Find out how much you will need for your purchase:

Input your own numbers and see how much you can save!

Purchase price

$

Down payment

If the purchase price is: $500,000 or less – Your minimum down payment is 5% / Between $500,000 and $999,999 – Your minimum down payment is 5% of the first $500,000 PLUS 10% of the remaining portion of the home price / $1,000,000 or more – Your minimum down payment is 20%

-

$

Down payment

%

CMHC insurance

Mortgage insurance is required if your down payment is less than 20% of a home's purchase price.

+$0

Amortization

The amortization period is the length of time it takes to pay off the mortgage including its principal and interest.

Select an option25-year30-year

Mortgage rate

The rates presented are for illustrative and educational purposes only.

Select an option4.54% 5-year fixed4.69% 4-year fixed4.84% 3-year fixed

Where is the property located?

Properties in Toronto are subjected to the municipal land transfer tax.

• In Toronto
• Outside of Toronto

Are you a first time home buyer?

First-time home buyers in Ontario may be eligible to receive a provincial land transfer tax refund of up to $4,000, and if the property is located in Toronto, they might receive an additional municipal land transfer tax refund of up to $4,475.

• Yes
• No

Provincial$0

+Municipal$0

-Rebate$0

Land transfer tax

$0

Total mortgage

$0

Mortgage payment

more Mortgage payment info

$-/month

* The information presented is for illustrative and educational purposes only.

Get Started