Down Payment on a $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 |
| Price | 20% Down |
|---|---|
| $2,900,000 | $580,000 |
| $2,905,000 | $581,000 |
| $2,910,000 | $582,000 |
| $2,915,000 | $583,000 |
| $2,920,000 | $584,000 |
| $2,925,000 | $585,000 |
| $2,930,000 | $586,000 |
| $2,935,000 | $587,000 |
| $2,940,000 | $588,000 |
| $2,945,000 | $589,000 |
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 2,900,000 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.
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.