A downpayment is needed in every house. Generally speaking, a larger down payment has a large number of benefits. It plays a big part in reducing your mortgage amount from day one and minimizing the amount you will incur in mortgage insurance premiums if you have a high-ratio mortgage. Furthermore, a larger down payment will also decrease the amount of interest paid and will lessen the amount of the monthly principal and interest payment. As the saying goes, “If you can, do it!” You can talk to your representative and ask them about your options.