20% down on an $800,000 house = $160,000. Here’s the complete breakdown.
Down Payment Options
| Down Payment % | Amount | Mortgage | CMHC Insurance |
|---|---|---|---|
| 6.88% (min) | $55,000 | $745,000 | $29,800 |
| 10% | $80,000 | $720,000 | $22,320 |
| 15% | $120,000 | $680,000 | $19,040 |
| 20% | $160,000 | $640,000 | $0 |
| 25% | $200,000 | $600,000 | $0 |
Total Cash Needed at Closing
| Expense | Amount |
|---|---|
| Down payment (20%) | $160,000 |
| Land transfer tax (Ontario) | $12,475 |
| Legal fees | $2,000 |
| Home inspection | $600 |
| Title insurance | $600 |
| Moving costs | $4,000 |
| Total cash needed | $179,675 |
Land Transfer Tax by Province
On an $800,000 home:
| Province | Land Transfer Tax |
|---|---|
| Ontario | $12,475 |
| BC | $18,000 |
| Quebec | $11,000 |
| Alberta | $0 |
| Toronto (additional) | +$12,475 |
In Toronto: Total = $24,950 before rebates.
Monthly Payment Comparison
At 5.5% interest, 25-year amortization:
| Down Payment | Mortgage | Monthly Payment | Total Interest |
|---|---|---|---|
| 6.88% (min) | $774,800* | $4,790 | $662,200 |
| 10% | $742,320* | $4,590 | $634,680 |
| 20% | $640,000 | $3,911 | $533,300 |
With 20% down: Save $879/month vs minimum down payment.
Income Required
To qualify for a $640,000 mortgage:
- Monthly payment (5.5%): $3,911
- Property tax + heat: $850
- Total housing: $4,761
- Required income (GDS 32%): ~$178,500/year
Most $800K purchases require dual high incomes.
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