Down Payment on a $860,000 House

What is the down payment on a house that costs $860,000? Calculate the down payment for a $860k home.
House Price
$
Percent Down
%
Results
20% down payment on a $860,000 home:
$172,000
Down Payment Needed for $860,000 House
% Down Down Payment
3.5%$30,100
5%$43,000
10%$86,000
15%$129,000
20%$172,000
25%$215,000
20% Down Payment By House Price
Price 20% Down
$860,000$172,000
$860,500$172,100
$861,000$172,200
$861,500$172,300
$862,000$172,400
$862,500$172,500
$863,000$172,600
$863,500$172,700
$864,000$172,800
$864,500$172,900
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.

Note: Loans above $472,030 may not be eligible for an FHA loan, depending on location. You can check here.

Minimum Down Payment

The minimum down payment on an FHA loans is 3.5%. For a $860,000 house or condo, this would be $30,100.

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 $860,000 house, this would be $86,000.

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 860,000 house, this would be $172,000.

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 860,000 loan, this could be as high as $1,075 a month. Over time, if the buyer builds up equity in the house, PMI will no longer be required.