Down Payment on a $2,950,000 House

What is the down payment on a house that costs $2,950,000? Calculate the down payment for a $2.95 million home.
House Price
$
Percent Down
%
Results
20% down payment on a $2,950,000 home:
$590,000
Down Payment Needed for $2,950,000 House
% Down Down Payment
3.5%$103,250
5%$147,500
10%$295,000
15%$442,500
20%$590,000
25%$737,500
20% Down Payment By House Price
Price 20% Down
$2,950,000$590,000
$2,955,000$591,000
$2,960,000$592,000
$2,965,000$593,000
$2,970,000$594,000
$2,975,000$595,000
$2,980,000$596,000
$2,985,000$597,000
$2,990,000$598,000
$2,995,000$599,000
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 2023, FHA loans are only available for loans less than $1,089,300.

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 2,950,000 house, this would be $590,000.

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 2,950,000 loan, this could be as high as $3,688 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.