Down Payment on a $1,350,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $47,250 |
| 5% | $67,500 |
| 10% | $135,000 |
| 15% | $202,500 |
| 20% | $270,000 |
| 25% | $337,500 |
| Price | 20% Down |
|---|---|
| $1,350,000 | $270,000 |
| $1,355,000 | $271,000 |
| $1,360,000 | $272,000 |
| $1,365,000 | $273,000 |
| $1,370,000 | $274,000 |
| $1,375,000 | $275,000 |
| $1,380,000 | $276,000 |
| $1,385,000 | $277,000 |
| $1,390,000 | $278,000 |
| $1,395,000 | $279,000 |
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 1,350,000 house, this would be $270,000.
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 1,350,000 loan, this could be as high as $1,688 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.