Down Payment on a $1,200,000 House

What is the down payment on a house that costs $1,200,000? Calculate the down payment for a $1.2 million home.

House Price

Percent Down

Results

20% down payment on a $1,200,000 home:

$240,000

Down Payment Needed for $1,200,000 House

% Down	Down Payment
3.5%	$42,000
5%	$60,000
10%	$120,000
15%	$180,000
20%	$240,000
25%	$300,000

20% Down Payment By House Price

Price	20% Down
$1,200,000	$240,000
$1,205,000	$241,000
$1,210,000	$242,000
$1,215,000	$243,000
$1,220,000	$244,000
$1,225,000	$245,000
$1,230,000	$246,000
$1,235,000	$247,000
$1,240,000	$248,000
$1,245,000	$249,000

FHA Loans

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

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 1,200,000 house, this would be $240,000.

However, some loans offer down payments as low as 3% to buyers with excellent credit, high income, and large assets.

Private Mortgage Insurance (PMI)

Buyers who can't put at least 20% down are often required to pay PMI. For a 1,200,000 loan, this could be as high as $1,500 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.