What is a down payment and how much do I need to buy a home?

Last Updated: Jun 22, 2017 03:27PM PDT

A down payment is your initial investment in your home. With a MogoMortgage, you'll need a down payment that's at least 5% of your home's price when the purchase price is $500,000 or less and 10% on any funds over $500,000.

For example, if your home price is $750,000. That’s 5% on the first $500,000, which is $25,000. For the remaining $250,000, you’ll need 10% of that, which is $25,000. Total: $50,000.

MogoMortgage is offered by Mogo Mortgage Technology Inc. o/a MogoMortgage (Ontario: FSCO License No. 12836)

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