Home Buyers: How Large Should Your Down Payment Be?

Home Buyers: How Large Should Your Down Payment Be?

Is it best to maximize your down payment on a house or condo purchase, or keep some money to invest? This article answers all those questions to help you while you make this important life decision.

 

When you buy a house or a condo, there are minimum down payment requirements to consider as you make your financial arrangements. If the purchase price is $500,000 or less, you need a 5% down payment. For properties between $500,000 and $999,999, there is a 5% minimum on the first $500,000 and 10% on the remainder. For properties worth $1 million or more, you need a 20% down payment.

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