Down Payment on a $590,000 House
| % Down | Down Payment |
|---|---|
| 3.5% | $20,650 |
| 5% | $29,500 |
| 10% | $59,000 |
| 15% | $88,500 |
| 20% | $118,000 |
| 25% | $147,500 |
| Price | 20% Down |
|---|---|
| $590,000 | $118,000 |
| $590,500 | $118,100 |
| $591,000 | $118,200 |
| $591,500 | $118,300 |
| $592,000 | $118,400 |
| $592,500 | $118,500 |
| $593,000 | $118,600 |
| $593,500 | $118,700 |
| $594,000 | $118,800 |
| $594,500 | $118,900 |
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.
Note: Loans above $472,030 may not be eligible for an FHA loan, depending on location. You can check here.
The minimum down payment on an FHA loans is 3.5%. For a $590,000 house or condo, this would be $20,650.
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 $590,000 house, this would be $59,000.
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 590,000 house, this would be $118,000.
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 590,000 loan, this could be as high as $738 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.