How much do I need for a down payment on a first home in Durham?
By Natalia Halenda, Sales Representative, RE/MAX Jazz Inc., Brokerage. Updated
The short answer
At least 5% of the first $500,000 of the price and 10% of the rest. On a $650,000 home that is $40,000. With less than 20% down the mortgage must be insured, and the insurance premium is added to the mortgage.
From the guide: Buying your first home in Durham Region in 2026: the money, the programs and the steps
More questions from this guide
General information, not legal, tax or mortgage advice. Rates, prices and rebate rules change often. Confirm the details with your real estate lawyer and a licensed mortgage professional before you make a decision.