Down Payment on a $2,800,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $98,000 |
| 5% | $140,000 |
| 10% | $280,000 |
| 15% | $420,000 |
| 20% | $560,000 |
| 25% | $700,000 |
| Price | 20% Down |
|---|---|
| $2,800,000 | $560,000 |
| $2,805,000 | $561,000 |
| $2,810,000 | $562,000 |
| $2,815,000 | $563,000 |
| $2,820,000 | $564,000 |
| $2,825,000 | $565,000 |
| $2,830,000 | $566,000 |
| $2,835,000 | $567,000 |
| $2,840,000 | $568,000 |
| $2,845,000 | $569,000 |
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 2,800,000 house, this would be $560,000.
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 2,800,000 loan, this could be as high as $3,500 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.