Questions & Answers

QuestionsCategory: QuestionsHow much money do I need for a down payment on my mortgage?
Anonymous Staff asked 4 years ago

How much money do I need for a down payment on my mortgage?

Is there a minimum requirement?

1 Answers
MortgageRates.ca Staff answered 4 years ago

5% would be the minimum amount for homes under $1 million. For homes more than $1 million, the minimum down payment is 20%.

The down payment on your mortgage is ultimately dependent on the cost of your home. With that said, the more money you are able to put down as a down payment the smaller your mortgage will be. The smaller your mortgage is the more money you will save in interest which will add up to important savings over time.

Also, please keep in mind that your down payment will also determine the amount of CMHC insurance you will have to pay.

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