Down Payment on a $2,050,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $71,750 |
| 5% | $102,500 |
| 10% | $205,000 |
| 15% | $307,500 |
| 20% | $410,000 |
| 25% | $512,500 |
| Price | 20% Down |
|---|---|
| $2,050,000 | $410,000 |
| $2,055,000 | $411,000 |
| $2,060,000 | $412,000 |
| $2,065,000 | $413,000 |
| $2,070,000 | $414,000 |
| $2,075,000 | $415,000 |
| $2,080,000 | $416,000 |
| $2,085,000 | $417,000 |
| $2,090,000 | $418,000 |
| $2,095,000 | $419,000 |
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 2,050,000 house, this would be $410,000.
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 2,050,000 loan, this could be as high as $2,563 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.