Down Payment on a $1,550,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $54,250 |
| 5% | $77,500 |
| 10% | $155,000 |
| 15% | $232,500 |
| 20% | $310,000 |
| 25% | $387,500 |
| Price | 20% Down |
|---|---|
| $1,550,000 | $310,000 |
| $1,555,000 | $311,000 |
| $1,560,000 | $312,000 |
| $1,565,000 | $313,000 |
| $1,570,000 | $314,000 |
| $1,575,000 | $315,000 |
| $1,580,000 | $316,000 |
| $1,585,000 | $317,000 |
| $1,590,000 | $318,000 |
| $1,595,000 | $319,000 |
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 1,550,000 house, this would be $310,000.
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 1,550,000 loan, this could be as high as $1,938 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.