If your home will be owner-occupied, you need at least 5% down for the first $500,000 of the purchase price, and 10% for any amount over $500,000 up to $999,999. If the purchase price is $1,000,000 or more, the minimum down payment is 20%.
You will need at least 20% down if you are buying a rental property. (Certain individual circumstances may change the amount – contact me for more details.)
Below are some approximate amounts:
|
Downpayment amounts |
||||
|---|---|---|---|---|
|
Purchase price |
Minimum |
10% |
20% |
|
|
$300,000 |
$15,000 |
$30,000 |
$60,000 |
|
|
$400,000 |
$20,000 |
$40,000 |
$80,000 |
|
|
$500,000 |
$25,000 |
$50,000 |
$100,000 |
|
|
$600,000 |
$25,000 +
$10,000 = $35,000 |
$60,000 | $120,000 | |
|
$700,000 |
$25,000 +
$20,000 = $45,000 |
$70,000 | $140,000 | |
|
$800,000 |
$25,000 +
$30,000 = $55,000 |
$80,000 | $160,000 | |
|
$900,000 |
$25,000 +
$40,000 = $65,000 |
$90,000 | $180,000 | |
|
$1,000,000 |
N/A |
N/A |
$200,000 |
|