Down Payment on a $2,900,000 House

What is the down payment on a house that costs $2,900,000? Calculate the down payment for a $2.9 million home.
House Price
$
Percent Down
%
Down Payment Needed for $2,900,000 House
% Down Down Payment
3.5%$101,500
5%$145,000
10%$290,000
15%$435,000
20%$580,000
25%$725,000
FHA Loans

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 2021, FHA loans are only available for loans less than $822,375.

Conventional Loans

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 $2,900,000 house, this would be $580,000.

However, some loans offer down payments as low as 3% to buyers with excellent credit, high income, and large assets.

Private Mortgage Insurance (PMI)

Buyers who can't put at least 20% down are often required to pay PMI. For a $2,900,000 loan, this could be as high as $3,625 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.