Deposit and draw schedule
On a builder's spec or presale home, you pay deposits on a schedule set in the purchase agreement and the balance at possession, usually through a completion mortgage, and the deposits count toward your down payment. On a custom build on your own lot, a draw mortgage releases money to the builder at construction stages instead. Enter the deposits from your agreement to see the timeline and what you need at each step.
New build cash plan
When is each payment due?
- Deposits before possession
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- Down payment still due at possession
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- Mortgage at possession
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- Total down payment
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An estimate for planning. Your purchase agreement sets the deposit amounts, due dates and whether deposits are held in trust; read it with your lawyer before signing and ask how your deposit is protected. Draw mortgage stages and percentages vary by lender, and each draw usually needs an inspection; interest is charged only on what has been advanced. Closing costs and GST adjustments are extra.
Check the GST on the price with the GST rebate calculator.
Other tools
- Mortgage calculatorMonthly or bi-weekly payment, default insurance and interest on a Canadian mortgage.
- Affordability and stress testThe price you could qualify for at the stress-test rate, from your income, debts and down payment.
- Closing cost estimatorLand Titles fees, legal fees, title insurance, inspection and the cash you need on closing day in Alberta.
- New-home GST rebateGST on a new home and what the new housing rebate and the first-time buyer rebate take off.