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How much is a mortgage downpayment in Canada?
Rounding it up
A mortgage down payment is money that you put down on the total cost of your home.
A standard down payment for a mortgage is 20% but can be as low as 5% and as high as 35%.
If you put down less than 20% as your down payment, you will need to carry mortgage insurance. This will add to the total cost of your monthly mortgage payment.
The greater your down payment, the less is the overall cost of your mortgage over time. So if you can, try to build up those savings as much as possible!
Yekaterina Galanova
Yekaterina Galanova enjoys writing about personal finance, as well as aesthetic topics, though she is open to discovering new niches. She enjoys reading, traveling and beautiful landscapes.
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