Down Payment on a $1,400,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $49,000 |
| 5% | $70,000 |
| 10% | $140,000 |
| 15% | $210,000 |
| 20% | $280,000 |
| 25% | $350,000 |
| Price | 20% Down |
|---|---|
| $1,400,000 | $280,000 |
| $1,405,000 | $281,000 |
| $1,410,000 | $282,000 |
| $1,415,000 | $283,000 |
| $1,420,000 | $284,000 |
| $1,425,000 | $285,000 |
| $1,430,000 | $286,000 |
| $1,435,000 | $287,000 |
| $1,440,000 | $288,000 |
| $1,445,000 | $289,000 |
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 1,400,000 house, this would be $280,000.
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 1,400,000 loan, this could be as high as $1,750 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.