Team: Candid Real Estate Group
Brokerage: RE/MAX 2000 Realty
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Calculators · Buying
How much an FHSA can hold by the time you buy, the tax refunds along the way, and how it compares with saving in a regular account.
Toward your down payment in 5 years
$46,415
$40,000 contributed, $6,415 of tax-free growth, and $14,000 back in tax refunds along the way.
| Month | FHSA balance | Detail |
|---|---|---|
| Year 1 | $8,400 | $8,000 contributed · $2,800 refunds · $8,260 in a taxed account |
| Year 2 | $17,220 | $16,000 contributed · $5,600 refunds · $16,788 in a taxed account |
| Year 3 | $26,481 | $24,000 contributed · $8,400 refunds · $25,594 in a taxed account |
| Year 4 | $36,205.05 | $32,000 contributed · $11,200 refunds · $34,686 in a taxed account |
| Year 5 | $46,415.303 | $40,000 contributed · $14,000 refunds · $44,073 in a taxed account |
Refunds can go back in
These calculators are educational illustrations, not advice and not an offer of credit. Figures are estimates from the inputs you enter and simplified rules; your lender's calculation, rates, fees, taxes and qualification will differ and are confirmed only by a licensed mortgage professional, lawyer or accountant. Mervin Truong is a licensed real estate professional, not a mortgage broker or financial advisor.
From estimate to plan
A calculator describes a scenario. I'll read it against what's selling now and introduce a licensed mortgage professional to confirm what you qualify for.