Mortgage Down Payment, Mortgage Payment | HSBC Canada

How much should you put down?

Save money with a larger down payment

The more money you pay toward the purchase of your home, the more you save in interest and default insurance fees, if applicable. Before you can determine how large your down payment will be, review the following options and opportunities:

  • Consider all your purchasing costs. The size of your down payment may be affected by one or more of the following fees:
  • • Property appraisal
    • Building inspection
    • Land survey
    • Land transfer tax
    • Property registration
    • Legal or Notary services
    • GST
    • Immediate renovations and repairs
    • Moving expenses
    • Utility connection fees
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  • Take advantage of the RRSP Home Buyer's Plan - If you are a first-time homebuyer, you can withdraw up to $25,000 from your Registered Retirement Savings Plan to use as a down payment
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  • Own with as little as 5% down - One decision is whether to make a down payment of more than 20% or less than 20%. Mortgages with less than 20% down are subject to an additional default insurance fee (provided by CMHC )
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  • Calculate your down payment options - Use our online mortgage calculators to find out how different down payment amounts affect how much you can borrow, and what your mortgage payments could be

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