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

Which Canadian cities are the best value for buying or renting a home?

The housing market in Toronto vs Vancouver: What you need to know

The housing market in Toronto vs Calgary: What you need to know

The best strategies for negotiating salary at a new job

What determines the price of gold?

How to buy gold, silver, and other precious metals?

Related articles

How to negotiate a raise?

7 mins

Ryan Severance

How much are you worth? Here’s how to successfully negotiate a raise with your boss.  


How to negotiate a raise?

7 mins

Ryan Severance

How much are you worth? Here’s how to successfully negotiate a raise with your boss.  


#getting a raise

#budgeting

#salaries

#negotiating a raise

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 Accessibility Policy and Multi-Year Accessibility Plan. © 2021 KOHO Financial Inc.