How Much For Down Payment On House
ContentsMortgage default insurancePrivate mortgage insurance (pmiSan antonio areaDays? conventional wisdomFind alternate fundingSuppose the purchase price of your home is $600,000. Your minimum down payment will be 5% on the first $500,000, for a total of $25,000. On the remaining $100,000, your minimum down payment will be 10%, for a total of $10,000. Add both totals together and your minimum down payment would be $35,000.Down payment: Down payment The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.In the mortgage industry, 20% down is considered the benchmark down payment for looking strong on paper as a home buyer. But…