Down Payment on a $2,100,000 House
% Down | Down Payment |
---|---|
3.5% | $73,500 |
5% | $105,000 |
10% | $210,000 |
15% | $315,000 |
20% | $420,000 |
25% | $525,000 |
Price | 20% Down |
---|---|
$2,100,000 | $420,000 |
$2,105,000 | $421,000 |
$2,110,000 | $422,000 |
$2,115,000 | $423,000 |
$2,120,000 | $424,000 |
$2,125,000 | $425,000 |
$2,130,000 | $426,000 |
$2,135,000 | $427,000 |
$2,140,000 | $428,000 |
$2,145,000 | $429,000 |
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 2,100,000 house, this would be $420,000.
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 2,100,000 loan, this could be as high as $2,625 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.