Down Payment on a $1,150,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $40,250 |
| 5% | $57,500 |
| 10% | $115,000 |
| 15% | $172,500 |
| 20% | $230,000 |
| 25% | $287,500 |
| Price | 20% Down |
|---|---|
| $1,150,000 | $230,000 |
| $1,155,000 | $231,000 |
| $1,160,000 | $232,000 |
| $1,165,000 | $233,000 |
| $1,170,000 | $234,000 |
| $1,175,000 | $235,000 |
| $1,180,000 | $236,000 |
| $1,185,000 | $237,000 |
| $1,190,000 | $238,000 |
| $1,195,000 | $239,000 |
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 1,150,000 house, this would be $230,000.
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 1,150,000 loan, this could be as high as $1,438 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.