How much is a mortgage downpayment in Canada?

Back to learn

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!

5 min read

Yekaterina Galanova
#mortgage#savings#budgeting

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.

Recent Articles

Bank of Canada raises interest rates

How fast does your credit score go up in Canada?

Will personal loans impact my credit score?

Can I get a personal loan with bad credit?

What kind of loans can I get in Canada?

Should I split my money between banks?

Related articles

Do credit scores matter for retirement?

7 mins

Gaby Pilson

Worried that your credit score will complicate your retirement? Here’s what you need to know about credit in retirement.

Do credit scores matter for retirement?

7 mins

Gaby Pilson

Worried that your credit score will complicate your retirement? Here’s what you need to know about credit in retirement.

#Credit score

#retirement

#savings

logo.koho

Company

AboutCareersCultureGamerLearnPartnersTravelStatus

Connect

The KOHO Mastercard® Prepaid card is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

By using this website, you accept our Terms and Conditions. Follow these links for more information on our Privacy Policy, Accessibility Policy and Multi-Year Accessibility Plan. © 2022 KOHO Financial Inc.