Down Payment on a $2,600,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $91,000 |
| 5% | $130,000 |
| 10% | $260,000 |
| 15% | $390,000 |
| 20% | $520,000 |
| 25% | $650,000 |
| Price | 20% Down |
|---|---|
| $2,600,000 | $520,000 |
| $2,605,000 | $521,000 |
| $2,610,000 | $522,000 |
| $2,615,000 | $523,000 |
| $2,620,000 | $524,000 |
| $2,625,000 | $525,000 |
| $2,630,000 | $526,000 |
| $2,635,000 | $527,000 |
| $2,640,000 | $528,000 |
| $2,645,000 | $529,000 |
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 2,600,000 house, this would be $520,000.
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 2,600,000 loan, this could be as high as $3,250 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.