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A down payment is the amount of money you put towards the purchase of a home. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home.
The minimum amount you need for your down payment depends on the purchase price of the home.
If your down payment is less than 20% of the price of your home, you must purchase mortgage loan insurance. (CHMC)
๐ป๐๐ ๐๐๐๐๐๐๐ ๐ ๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐ ๐๐๐๐, ๐๐๐๐๐๐๐๐:
Purchase price of your home Minimum amount of down payment
- $500,000 or less: 5% of the purchase price
- $500,000 to $999,999: 5% of the first $500,000 of the purchase price, then 10% for the portion of the purchase price above $500,000
- $1 million or more: 20% of the purchase price
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