Down Payment on a $2,350,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $82,250 |
| 5% | $117,500 |
| 10% | $235,000 |
| 15% | $352,500 |
| 20% | $470,000 |
| 25% | $587,500 |
| Price | 20% Down |
|---|---|
| $2,350,000 | $470,000 |
| $2,355,000 | $471,000 |
| $2,360,000 | $472,000 |
| $2,365,000 | $473,000 |
| $2,370,000 | $474,000 |
| $2,375,000 | $475,000 |
| $2,380,000 | $476,000 |
| $2,385,000 | $477,000 |
| $2,390,000 | $478,000 |
| $2,395,000 | $479,000 |
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 2,350,000 house, this would be $470,000.
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 2,350,000 loan, this could be as high as $2,938 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.