Down Payment on a $190,000 House

What is the down payment on a house that costs $190,000? Calculate the down payment for a $190k home.
House Price
$
Percent Down
%
Results
20% down payment on a $190,000 home:
$38,000
Down Payment Needed for $190,000 House
% Down Down Payment
3.5%$6,650
5%$9,500
10%$19,000
15%$28,500
20%$38,000
25%$47,500
20% Down Payment By House Price
Price 20% Down
$190,000$38,000
$190,500$38,100
$191,000$38,200
$191,500$38,300
$192,000$38,400
$192,500$38,500
$193,000$38,600
$193,500$38,700
$194,000$38,800
$194,500$38,900
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.

Minimum Down Payment

The minimum down payment on an FHA loans is 3.5%. For a $190,000 house or condo, this would be $6,650.

To qualify for a 3.5% down payment, you must have a credit score of at least 580.

10% Down Payment

Buyers with a credit score of 500 or higher are eligible for an FHA loan with a down payment as low as 10%.

For a $190,000 house, this would be $19,000.

Mortgage Insurance

All FHA loans require "mortgage insurance", which protects the FHA from people who default on their loan. This requires an upfront payment of 1.75% of the loan, as well as additional monthly payments.

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 190,000 house, this would be $38,000.

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 190,000 loan, this could be as high as $238 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.