Down Payment on a $60,000 House

What is the down payment on a house that costs $60,000? Calculate the down payment for a $60k home.
House Price
$
Percent Down
%
Results
20% down payment on a $60,000 home:
$12,000
Down Payment Needed for $60,000 House
% Down Down Payment
3.5%$2,100
5%$3,000
10%$6,000
15%$9,000
20%$12,000
25%$15,000
20% Down Payment By House Price
Price 20% Down
$60,000$12,000
$60,500$12,100
$61,000$12,200
$61,500$12,300
$62,000$12,400
$62,500$12,500
$63,000$12,600
$63,500$12,700
$64,000$12,800
$64,500$12,900
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.

Minimum Down Payment

The minimum down payment on an FHA loans is 3.5%. For a $60,000 house or condo, this would be $2,100.

To qualify for a 3.5% down payment, you must have a credit score of at least 580.

10% Down Payment

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 $60,000 house, this would be $6,000.

Mortgage Insurance

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

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 60,000 house, this would be $12,000.

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 60,000 loan, this could be as high as $75 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.