Down Payment on a $320,000 House
% Down | Down Payment |
---|---|
3.5% | $11,200 |
5% | $16,000 |
10% | $32,000 |
15% | $48,000 |
20% | $64,000 |
25% | $80,000 |
Price | 20% Down |
---|---|
$320,000 | $64,000 |
$320,500 | $64,100 |
$321,000 | $64,200 |
$321,500 | $64,300 |
$322,000 | $64,400 |
$322,500 | $64,500 |
$323,000 | $64,600 |
$323,500 | $64,700 |
$324,000 | $64,800 |
$324,500 | $64,900 |
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.
The minimum down payment on an FHA loans is 3.5%. For a $320,000 house or condo, this would be $11,200.
To qualify for a 3.5% down payment, you must have a credit score of at least 580.
Buyers with a credit score of 500 or higher are eligible for an FHA loan with a down payment as low as 10%.
For a $320,000 house, this would be $32,000.
All FHA loans require "mortgage insurance", which protects the FHA from people who default on their loan. This requires an upfront payment of 1.75% of the loan, as well as additional monthly payments.
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 320,000 house, this would be $64,000.
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 320,000 loan, this could be as high as $400 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.