Down Payment on a $2,700,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $94,500 |
| 5% | $135,000 |
| 10% | $270,000 |
| 15% | $405,000 |
| 20% | $540,000 |
| 25% | $675,000 |
| Price | 20% Down |
|---|---|
| $2,700,000 | $540,000 |
| $2,705,000 | $541,000 |
| $2,710,000 | $542,000 |
| $2,715,000 | $543,000 |
| $2,720,000 | $544,000 |
| $2,725,000 | $545,000 |
| $2,730,000 | $546,000 |
| $2,735,000 | $547,000 |
| $2,740,000 | $548,000 |
| $2,745,000 | $549,000 |
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 2,700,000 house, this would be $540,000.
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 2,700,000 loan, this could be as high as $3,375 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.