Down Payment on a $2,450,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $85,750 |
| 5% | $122,500 |
| 10% | $245,000 |
| 15% | $367,500 |
| 20% | $490,000 |
| 25% | $612,500 |
| Price | 20% Down |
|---|---|
| $2,450,000 | $490,000 |
| $2,455,000 | $491,000 |
| $2,460,000 | $492,000 |
| $2,465,000 | $493,000 |
| $2,470,000 | $494,000 |
| $2,475,000 | $495,000 |
| $2,480,000 | $496,000 |
| $2,485,000 | $497,000 |
| $2,490,000 | $498,000 |
| $2,495,000 | $499,000 |
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 2,450,000 house, this would be $490,000.
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 2,450,000 loan, this could be as high as $3,063 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.