Down Payment on a $1,950,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $68,250 |
| 5% | $97,500 |
| 10% | $195,000 |
| 15% | $292,500 |
| 20% | $390,000 |
| 25% | $487,500 |
| Price | 20% Down |
|---|---|
| $1,950,000 | $390,000 |
| $1,955,000 | $391,000 |
| $1,960,000 | $392,000 |
| $1,965,000 | $393,000 |
| $1,970,000 | $394,000 |
| $1,975,000 | $395,000 |
| $1,980,000 | $396,000 |
| $1,985,000 | $397,000 |
| $1,990,000 | $398,000 |
| $1,995,000 | $399,000 |
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 1,950,000 house, this would be $390,000.
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 1,950,000 loan, this could be as high as $2,438 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.