How much money do I need for a mortgage down payment?

The amount you will need for a mortgage down payment depends on where you are in your homeownership journey. If you’re a first-time homebuyer, your minimum down payment is 3% of the purchase price of property. If you’ve owned a home in the last three years, the minimum down payment is 5%. For investment or multi-unit properties, a higher down payment of 15-25% is typically required.