Down Payment on a $2,850,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $99,750 |
| 5% | $142,500 |
| 10% | $285,000 |
| 15% | $427,500 |
| 20% | $570,000 |
| 25% | $712,500 |
| Price | 20% Down |
|---|---|
| $2,850,000 | $570,000 |
| $2,855,000 | $571,000 |
| $2,860,000 | $572,000 |
| $2,865,000 | $573,000 |
| $2,870,000 | $574,000 |
| $2,875,000 | $575,000 |
| $2,880,000 | $576,000 |
| $2,885,000 | $577,000 |
| $2,890,000 | $578,000 |
| $2,895,000 | $579,000 |
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 2,850,000 house, this would be $570,000.
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 2,850,000 loan, this could be as high as $3,563 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.