Down Payment on a $1,100,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $38,500 |
| 5% | $55,000 |
| 10% | $110,000 |
| 15% | $165,000 |
| 20% | $220,000 |
| 25% | $275,000 |
| Price | 20% Down |
|---|---|
| $1,100,000 | $220,000 |
| $1,105,000 | $221,000 |
| $1,110,000 | $222,000 |
| $1,115,000 | $223,000 |
| $1,120,000 | $224,000 |
| $1,125,000 | $225,000 |
| $1,130,000 | $226,000 |
| $1,135,000 | $227,000 |
| $1,140,000 | $228,000 |
| $1,145,000 | $229,000 |
FHA loans are loans issued by a bank, but backed by the federal government. They are intended for people can not qualify for a typical bank loan.
As of 2023, FHA loans are only available for loans less than $1,089,300.
Conventional loans are those offered by a bank which might have a variety of terms and rates depending on the amount down and factors such as credit score, debt, and income.
For conventional loans, it is standard to make a down payment of 20%. For a 1,100,000 house, this would be $220,000.
However, some loans offer down payments as low as 3% to buyers with excellent credit, high income, and large assets.
Buyers who can't put at least 20% down are often required to pay PMI. For a 1,100,000 loan, this could be as high as $1,375 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.