Glossary · Financing
What is Down payment?
A down payment is the portion of a home's price you pay upfront, with the rest covered by a mortgage.
Definition
Your down payment is your initial stake in the home. The more you put down, the less you need to borrow — which lowers your payments and the total interest you'll pay. A larger down payment can also help you avoid mortgage default insurance.
Down payment funds can come from savings, investments, or gifts, depending on your lender's rules. Saving a larger down payment takes longer, but it strengthens your offer and your long-term finances.
When down payment matters
- Budgeting and saving toward a home purchase
- Deciding how much to put down vs. invest elsewhere
- Strengthening a purchase offer
With Homeprint
How Homeprint helps with down payment
Once you own, Homeprint helps you track your equity and home value so you can see your investment grow from day one.
- Keep every related document in one secure place
- Track your home's value and finances over time
- Stay connected with trusted neighbourhood experts
Down payment — FAQ
Keep learning
Related terms
Own your home with confidence
Create your free Homeprint account and bring everything about your home together.