How much is a mortgage downpayment in Canada?

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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!

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.

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