Put as little as 5% down when purchasing your primary residence, even if you are not a first time home buyer! 

The rules change when you purchase a home for above $500k. 


You can put 5% down on the 1st 500K and 10% down on the remainder, up to a purchase price of $1M. 

Ex: Purchase price: $750'000
1st $500'000 at 5% = $25'000
Remainder $250'000 at 10% = $25'000
Total minimum down payment = $50'000


The common mistake is that the minimum down payment is always 5%, which is true if the purchase price is under $500'000. But with the average home prices exceeding the $500'000 it is important to understand the rules & calculations above. Otherwise 5% of $750'000 is only $37'500, so you would have a shortfall of $12'500 for your minimum down payment. 

Please note that a these mortgages will be required to include default insurance. But don't worry, this can be added to the total mortgage amount. Calculator below.

WHAT IS THE MINIMUM DOWN PAYMENT FOR A HOUSE OVER 1 MILLION?

For any purchase price over one million, the minimum down payment is 20%. Unfortunately, these mortgages are not eligible for default insurance

WHAT IS THE MINIMUM DOWN PAYMENT FOR A HOUSE?