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Effective February 15, 2016, the minimum down
payment for new mortgages
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on homes priced above $500,000 increased to 10% on
the portion of the
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price above $500,0000. The minimum down payment
stays at 5% for homes
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priced below $500,000 and at 20% on homes selling
for more than $1 million.
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Move the slider to calculate your own minimum down
payment:
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Purchase price
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Minimum down payment in $'s
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Minimum down payment in %
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Mortgage Insurance
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Mortgage amount (purchase price less down payment)
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Mortgage insurance
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Total mortgage including insurance
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Help
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Mortgage insurance is required on all mortgages with
down payments of less
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than 20%. Insurance is calculated using CHMC rates.
You can enter a purchase price
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between $100,000 and $1 million in increments of
$10,000 using the slider.
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Disclaimer
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This calculator is for educational purposes only.
You should not rely on the results
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as an indication of your financial needs and we
recommend that you seek out your
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own legal, accounting, tax or professional
advice.
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powered by Ativa Interactive
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