What is 30% down on a $600k house?
| Down payment | $180,000 |
|---|---|
| Amount financed | $420,000 |
| Closing costs, 2–5%lender fees, title, escrow prepaids — separate from the down payment | $12,000–$30,000 |
| Cash needed at closing | $192,000–$210,000 |
| Principal & interest at 6.5%30-year fixed | $2,655 |
| PMItwenty percent down removes it | none |
| Versus 20% down | — |
Notes
- The down payment is not the cash you need. Closing costs run 2–5% of the price and are due on the same day, so this purchase asks for $192,000 to $210,000 rather than $180,000. Buyers who budget only the down payment are the ones who discover the gap a week before closing.
- Twenty percent down removes PMI entirely. That is the whole reason the number 20 appears everywhere; below it, the lender buys insurance against your default and bills you for it.
- Twenty percent is not a requirement. Conventional loans go to 3% down, FHA to 3.5%, and VA and USDA to zero for those who qualify. The trade is PMI and a larger balance, not rejection.
- Waiting to save more is not free. Prices and rates move while you save. At 3% annual appreciation, a $600k house costs $18,000 more a year — which on this purchase is close to a full year of the extra saving needed to move from 30% to 20% down.
The short answer
30% down on a $600k house is $180,000.
That is the easy part. The number that decides whether the purchase happens is $192,000–$210,000 — the cash that has to be in the account on closing day.
Where the rest comes from
| Line | On this purchase |
|---|---|
| Down payment | $180,000 |
| Closing costs, 2–5% | $12,000–$30,000 |
| Cash to close | $192,000–$210,000 |
| Amount financed | $420,000 |
Closing costs are lender fees, title insurance, appraisal, recording, and prepaid escrow for tax and insurance. They are due at the same table as the down payment and they are not financed on a purchase.
Budgeting only the down payment is the single most common way a file falls apart in the last week.
Twenty percent is a PMI threshold, not a requirement
Conventional loans go to 3% down and FHA to 3.5%; VA and USDA go to zero for those who qualify. Nobody is turned away for having less than 20%.
What happens below 20% is that the lender buys insurance against your default and bills you for it. That is the whole meaning of the number.
What waiting costs
Saving from 30% to 20% on this house means finding $180,000 more, roughly, while prices and rates move underneath you.
At 3% annual appreciation the same house costs about 3% more a year. On a $600k purchase that is close to a full year of extra saving, spent standing still.
The honest version of the trade is: PMI is a known monthly cost with a defined end, and waiting is an unknown cost with no end date. Neither is free.
The monthly payment has its own page
At a 6.5% thirty-year fixed, $420,000 financed is about $2,655 a month in principal and interest, before tax, insurance and PMI.
The full breakdown of that payment — including how much of it is not principal and interest — belongs on the mortgage payment table, not here.
Nearby sizes
Read more
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