Down Payment on a $1,300,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $45,500 |
| 5% | $65,000 |
| 10% | $130,000 |
| 15% | $195,000 |
| 20% | $260,000 |
| 25% | $325,000 |
| Price | 20% Down |
|---|---|
| $1,300,000 | $260,000 |
| $1,305,000 | $261,000 |
| $1,310,000 | $262,000 |
| $1,315,000 | $263,000 |
| $1,320,000 | $264,000 |
| $1,325,000 | $265,000 |
| $1,330,000 | $266,000 |
| $1,335,000 | $267,000 |
| $1,340,000 | $268,000 |
| $1,345,000 | $269,000 |
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 1,300,000 house, this would be $260,000.
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 1,300,000 loan, this could be as high as $1,625 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.