Minimum Down Payment Ontario Calculator
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Reviewed by Calculator Editorial Team
Buying a home in Ontario requires a minimum down payment, which varies based on the purchase price and whether you're a first-time homebuyer. Use this calculator to determine the minimum down payment required for your Ontario home purchase.
How to Use This Calculator
To calculate your minimum down payment in Ontario:
- Enter the purchase price of the home you want to buy.
- Select whether you're a first-time homebuyer (eligible for the Ontario First-Time Home Buyer Program).
- Click "Calculate" to see your minimum down payment.
The calculator will show you the minimum down payment required based on current Ontario real estate rules. Remember that this is the minimum amount - you may choose to put down more if you can afford it.
Formula Used
The minimum down payment in Ontario is calculated as follows:
If you're a first-time homebuyer:
Minimum Down Payment = 5% of the purchase price (if purchase price is $500,000 or less)
Minimum Down Payment = $25,000 + 10% of (purchase price - $500,000) (if purchase price is over $500,000)
If you're not a first-time homebuyer:
Minimum Down Payment = 20% of the purchase price (if purchase price is $500,000 or less)
Minimum Down Payment = $100,000 + 15% of (purchase price - $500,000) (if purchase price is over $500,000)
These calculations are based on the Ontario First-Time Home Buyer Program and standard mortgage lending rules.
Worked Examples
Example 1: First-time homebuyer with $450,000 home
Minimum Down Payment = 5% of $450,000 = $22,500
Example 2: First-time homebuyer with $600,000 home
Minimum Down Payment = $25,000 + 10% of ($600,000 - $500,000) = $25,000 + $10,000 = $35,000
Example 3: Repeat homebuyer with $300,000 home
Minimum Down Payment = 20% of $300,000 = $60,000
Example 4: Repeat homebuyer with $750,000 home
Minimum Down Payment = $100,000 + 15% of ($750,000 - $500,000) = $100,000 + $22,500 = $122,500
Frequently Asked Questions
- What is the minimum down payment for a first-time homebuyer in Ontario?
- The minimum down payment for first-time homebuyers is 5% of the purchase price if the home is $500,000 or less. For homes over $500,000, it's $25,000 plus 10% of the amount over $500,000.
- What is the minimum down payment for a repeat homebuyer in Ontario?
- The minimum down payment for repeat homebuyers is 20% of the purchase price if the home is $500,000 or less. For homes over $500,000, it's $100,000 plus 15% of the amount over $500,000.
- Are there any exceptions to the minimum down payment rules?
- Yes, there are exceptions for certain groups including veterans, seniors, and those with disabilities. These programs may offer lower down payment requirements.
- Can I put down more than the minimum down payment?
- Yes, you can put down more than the minimum down payment if you can afford it. Putting down more can reduce your mortgage payments and save you money over time.
- What happens if I can't meet the minimum down payment?
- If you can't meet the minimum down payment, you may need to look for a home that's within your budget or consider other financing options like a co-borrower or a mortgage with a higher down payment.