---
title: What’s a down payment?
description: A down payment is the amount of money a home buyer must come up with out of his or her own pocket before qualifying for a mortgage.
---

[Richards Mortgage Group Blog ](https://www.richardsmortgagegroup.ca/blog)

# [What’s a down payment?](https://www.richardsmortgagegroup.ca/blog/bid/79135/what-s-a-down-payment)

 Written by [Chris Richards](https://www.richardsmortgagegroup.ca/blog/author/chris-richards) | Dec 4, 2009 7:29:00 PM

(Updated 2019)

A down payment is the amount of money a home buyer must come up with out of his or her own pocket before qualifying for a mortgage. It represents a fraction of the total cost of a home. In the past, down payments were generally 20 percent of a home’s purchase price. But, in line with the trend to make home buying accessible to more people, that number has shrunk. Today, a down payment can be as low as five percent of the purchase price.

 

Learn more about down payment, credit and other mortgage qualifying requirements here: [Can You Get a Mortgage](https://www.richardsmortgagegroup.ca/can-i-get-a-mortgage-canada)?

[View full post](https://www.richardsmortgagegroup.ca/blog/bid/79135/what-s-a-down-payment)

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