Down Payment on a $2,750,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $96,250 |
| 5% | $137,500 |
| 10% | $275,000 |
| 15% | $412,500 |
| 20% | $550,000 |
| 25% | $687,500 |
| Price | 20% Down |
|---|---|
| $2,750,000 | $550,000 |
| $2,755,000 | $551,000 |
| $2,760,000 | $552,000 |
| $2,765,000 | $553,000 |
| $2,770,000 | $554,000 |
| $2,775,000 | $555,000 |
| $2,780,000 | $556,000 |
| $2,785,000 | $557,000 |
| $2,790,000 | $558,000 |
| $2,795,000 | $559,000 |
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 2,750,000 house, this would be $550,000.
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 2,750,000 loan, this could be as high as $3,438 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.