There are many different Parachute Types in GTA 5. Though primarily the only difference between them all is the design/color.?

Chute Designs/colors:

• Red
• Seaside Stripes
• Hornet
• Patriot
• Widowmaker
• Rainbow
• Black
• Blue

Additionally you can purchase a colored smoke to trail your parachute as you glide through the sky.

Chute Smoke Trails:

• Black
• Red
• Blue
• Orange
• Yellow
• Crew colour (only available in GTA Online)

Hold the button X (playstation) or A (Xbox) to use the smoke trail while parachuting.

You can find a parachute at the top of Mount Chiliad at any point in the game.

You can always find a parachute at other places like on top of the Maze Bank building, on top of the Vinewood sign (on the letter D). You can always get a parachute for free if you enter a helicopter or a plane. It will still be there if you exit the vehicle, as long as you didn't use it.

Note: To obtain the ability to purchase the parachute from an Ammu-Nation you must either complete the flight school challenges that train you to use the chute or complete the Strangers and Freaks misson: Risk Assesment (Franklin).