Down Payment on a $1,250,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $43,750 |
| 5% | $62,500 |
| 10% | $125,000 |
| 15% | $187,500 |
| 20% | $250,000 |
| 25% | $312,500 |
| Price | 20% Down |
|---|---|
| $1,250,000 | $250,000 |
| $1,255,000 | $251,000 |
| $1,260,000 | $252,000 |
| $1,265,000 | $253,000 |
| $1,270,000 | $254,000 |
| $1,275,000 | $255,000 |
| $1,280,000 | $256,000 |
| $1,285,000 | $257,000 |
| $1,290,000 | $258,000 |
| $1,295,000 | $259,000 |
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 1,250,000 house, this would be $250,000.
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 1,250,000 loan, this could be as high as $1,563 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.