Down Payment on a $2,000,000 House
% Down | Down Payment |
---|---|
3.5% | $70,000 |
5% | $100,000 |
10% | $200,000 |
15% | $300,000 |
20% | $400,000 |
25% | $500,000 |
Price | 20% Down |
---|---|
$2,000,000 | $400,000 |
$2,005,000 | $401,000 |
$2,010,000 | $402,000 |
$2,015,000 | $403,000 |
$2,020,000 | $404,000 |
$2,025,000 | $405,000 |
$2,030,000 | $406,000 |
$2,035,000 | $407,000 |
$2,040,000 | $408,000 |
$2,045,000 | $409,000 |
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 2,000,000 house, this would be $400,000.
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 2,000,000 loan, this could be as high as $2,500 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.