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MENUMENU
  • BUY
  • SELL
  • RENT
  • MENU
    • Home
    • About
    • Listings
      • Featured
      • Search MLS Listings
    • Guides
      • Buyers
        • Buying a Home
        • Making an Offer
        • First Time Home Buyers
        • Closing Day
        • Costs
      • Sellers
        • Preparing your Home
        • Listing Your Home
        • What you'll Need
        • Accepting Offers
        • Closing the Sale
      • Leasing
      • Financing
        • Down Payment
        • Your Credit
        • Know What You Can Afford
        • Getting Pre-Approved
    • Toronto
      • Whose Job Is It?
      • Neighbourhoods
        • Downtown Toronto
        • Midtown Toronto
        • Uptown Toronto
        • West Toronto
        • East Toronto
        • North York
        • Etobicoke
        • Scarborough
      • Restaurants
      • Schools
      • Transit
      • Resources
    • Collections
    • Blog
    • Contact

Down Payment Your Credit Know What You Can Afford Getting Pre-Approved

Down Payment
Get Started
How much will I initially need to purchase my new home?
You will need enough funds to cover your down payment and closing costs, as well as the remaining balance on the cost of the home. This can be sourced through financing or other means.

A larger down payment means greater savings.

The money you pay up-front for a house is the down payment. Down payments are typically a percentage of the purchase price of the home. The source of money for your down payment is often either your savings or the net proceeds from the sale of a home you already own.

The larger your down payment, the more you save in the long run. A larger down payment:

  • Reduces the amount of your monthly principal and interest payment
  • Reduces the total amount of interest you pay over the life of your mortgage

Your TD Canada Trust Mobile Mortgage Specialist can help you compare mortgages, determine which mortgage is right for you, and show you money-saving strategies.

Closing costs

Closing costs are the legal and administrative fees and disbursements associated with buying your home. These costs are in addition to the purchase price of the home. They can vary widely depending on:

  • The property being purchased
  • Services required
  • Taxes
  • Applicable insurances
  • Closing dates affecting interest adjustments
  • The balances of any prepaid expenses

Ask about the Home Buyers’ Plan

The Home Buyers’ Plan (HBP) lets a first-time buyer withdraw up to $20,000 from RRSPs for a home purchase, subject to certain repayment conditions. For more information, check the Canada Customs and Revenue Agency website.

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FINANCING

Down Payment

Your Credit

Know What You Can Afford

Getting Pre-Approved

BUYING A HOME

Buying a Home

Making an Offer

First Time Home Buyers

Closing Day

Closing Costs

SELLING YOUR HOME

Preparing Your Home

Listing Your Home

What You’ll Need

Accepting Offers

Closing the Sale

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Buyer Guide
Buying a Home
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First Time Buyers
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Closing Costs

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Listing Your Property
What You'll Need
Accepting Offers
Closing the Sale

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Ian Mehisto Toronto Real Estate Agent $70,000-$27,500,000 Ian Mehisto
Sales Representative

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154 Bathurst Street
Toronto, Ontario
M5V 2R3
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