Down Payment on a $2,150,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $75,250 |
| 5% | $107,500 |
| 10% | $215,000 |
| 15% | $322,500 |
| 20% | $430,000 |
| 25% | $537,500 |
| Price | 20% Down |
|---|---|
| $2,150,000 | $430,000 |
| $2,155,000 | $431,000 |
| $2,160,000 | $432,000 |
| $2,165,000 | $433,000 |
| $2,170,000 | $434,000 |
| $2,175,000 | $435,000 |
| $2,180,000 | $436,000 |
| $2,185,000 | $437,000 |
| $2,190,000 | $438,000 |
| $2,195,000 | $439,000 |
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 2,150,000 house, this would be $430,000.
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 2,150,000 loan, this could be as high as $2,688 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.