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Learn everything you need to know—and how to save up for your new house.
Sep. 04, 2024
Minimum down payment requirements
Down payment amounts
Home price |
$450,000 | $850,000 | $1,500,000 |
First $500,000 x 5% |
$22,500 |
$25,000 |
N/A |
More than $500,000 and less than $1,000,000 x 10% |
N/A |
$35,000 |
N/A |
More than $1,000,000 x 20% |
N/A |
N/A |
$300,000 |
Total down payment |
$22,500 |
$60,000 |
$300,000 |
Your down payment affects the type of mortgage you get
How to save for your down payment
Explore additional savings programs for your down payment
Borrow from yourself
Investigate community programs
Save up to $40,000 tax-free with the First Home Savings Account
Frequently asked questions
Learn more about mortgages