The "Calculate minimum" down payment tool in Finmo is designed to streamline the process of determining the minimum down payment required for property purchases. This tool adheres to Canadian down payment regulations, providing an accurate and quick calculation for both brokers and clients.
How It Works
For properties priced at or below $500,000, the required minimum down payment is 5% of the purchase price. For properties priced above $500,000, the calculation involves two components: 5% of the first $500,000 and 10% of any amount above $500,000.
Watch the video below to see it in action.
How to use the Calculate minimum down payment tool
1. Start by opening a deal in Finmo.
2. Navigate to the "Goals" section of the application and click on "Edit".
2. Enter the purchase price
3. Click on 'Calculate minimum"
4. The tool will automatically calculate and display the minimum down payment required based on the entered purchase price according to Canadian down payment regulations.
For example with a purchase price of $996,508, the calculation will be as follows:
5% of $500,000 = $25,000
10% of $496,508 = $49,650.80
Total Minimum Down Payment = $25,000 + $49,650.80 = $74,650.80
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