How Much Is 20% Down on a $1 Million House?

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Putting 20% down on a $1,000,000 house means writing a check for $200,000. Here’s how different down payment amounts compare.

Down Payment Amounts on a $1M House

Down Payment % Amount Loan Amount Notes
5% $50,000 $950,000 Jumbo loan, may require PMI
10% $100,000 $900,000 Common jumbo minimum
15% $150,000 $850,000 Better jumbo rates
20% $200,000 $800,000 Standard jumbo requirement
25% $250,000 $750,000 Best jumbo rates
30% $300,000 $700,000 Premium pricing tier

How Down Payment Affects Your Monthly Mortgage

At 6.5% interest on a 30-year fixed mortgage:

Down Payment Loan Amount P&I Payment PMI (~0.5%) Total Payment
5% ($50,000) $950,000 $6,003 $396 $6,399
10% ($100,000) $900,000 $5,687 $375 $6,062
15% ($150,000) $850,000 $5,371 $0* $5,371
20% ($200,000) $800,000 $5,056 $0 $5,056
25% ($250,000) $750,000 $4,740 $0 $4,740

*Most jumbo lenders waive PMI at 15%+ down

Putting 20% down saves $1,343/month compared to 5% down.

Total Interest Paid Over Loan Life

Down Payment Loan Amount Total Interest (30-yr, 6.5%)
10% ($100,000) $900,000 $1,147,300
15% ($150,000) $850,000 $1,083,600
20% ($200,000) $800,000 $1,019,900
25% ($250,000) $750,000 $956,200

25% down saves $191,100 in interest compared to 10% down.

How Long to Save $200,000 for 20% Down

Monthly Savings Time to $200,000
$2,000/month 8.3 years
$3,000/month 5.6 years
$4,000/month 4.2 years
$5,000/month 3.3 years
$7,500/month 2.2 years

Income Needed for a $1M House

With 20% down ($800K mortgage) at 6.5%:

Monthly PITI Location Type Required Income (28% rule)
$6,300 Low-cost area $270,000/year
$6,850 Average area $294,000/year
$7,600 High-cost area $326,000/year

Jumbo Loan Requirements

$1M homes require jumbo loans in most markets:

  • Minimum credit score: 700-720
  • Typical down payment: 10-20% minimum
  • Cash reserves: 6-12 months of payments
  • Lower DTI requirements (38-43% max)
  • Full income documentation required
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