Down Payment on a $1,600,000 House

What is the down payment on a house that costs $1,600,000? Calculate the down payment for a $1.6 million home.
House Price
$
Percent Down
%
Results
20% down payment on a $1,600,000 home:
$320,000
Down Payment Needed for $1,600,000 House
% Down Down Payment
3.5%$56,000
5%$80,000
10%$160,000
15%$240,000
20%$320,000
25%$400,000
20% Down Payment By House Price
Price 20% Down
$1,600,000$320,000
$1,605,000$321,000
$1,610,000$322,000
$1,615,000$323,000
$1,620,000$324,000
$1,625,000$325,000
$1,630,000$326,000
$1,635,000$327,000
$1,640,000$328,000
$1,645,000$329,000
FHA Loans

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

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 1,600,000 house, this would be $320,000.

However, some loans offer down payments as low as 3% to buyers with excellent credit, high income, and large assets.

Private Mortgage Insurance (PMI)

Buyers who can't put at least 20% down are often required to pay PMI. For a 1,600,000 loan, this could be as high as $2,000 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.