Quick answer: On a $700,000 home, your down payment ranges from about $21,000 (3%) to $140,000 (20%). Add roughly 2–3% in closing costs ($14,000–$21,000) and a few months of reserves. Total upfront cash is often around $50,000 with 3–5% down or $165,000 with 20% down.
Key takeaways
- 3% down on $700k is about $21,000; 20% is $140,000.
- You rarely need 20% — conventional loans start at 3–5%.
- Under 20% down usually means paying PMI until you build equity.
- Add 2–3% closing costs and reserves to your down payment.
- A lender confirms your exact cash-to-close.
Down payment by percentage on $700,000
| Down payment | Amount | PMI? |
|---|---|---|
| 3% | $21,000 | Yes |
| 5% | $35,000 | Yes |
| 10% | $70,000 | Yes (lower) |
| 20% | $140,000 | No |
Total cash needed, not just the down payment
Your down payment is only part of the picture. Plan for closing costs and reserves too:
| Scenario | Down payment | Closing costs | Est. reserves | Total cash |
|---|---|---|---|---|
| 5% down | $35,000 | ~$17,000 | ~$10,000 | ~$62,000 |
| 10% down | $70,000 | ~$17,000 | ~$10,000 | ~$97,000 |
| 20% down | $140,000 | ~$17,000 | ~$10,000 | ~$167,000 |
Should you put down more or less?
More down means a lower payment and no PMI; less down keeps cash free for reserves and repairs. The right balance depends on your savings and goals. Have questions? Book a free consultation and we’ll walk you through your options.
Frequently Asked Questions
How much is a 20% down payment on a $700,000 house?
$140,000. At 10% it’s $70,000, at 5% it’s $35,000, and at 3% it’s about $21,000.
Do I need 20% down to buy a $700k home?
No. Conventional loans can start at 3–5% down and FHA at 3.5%. You’ll typically pay mortgage insurance until you reach 20% equity.
What is the total cash needed to buy a $700,000 home?
Often around $50,000–$65,000 with 3–5% down (including closing costs and reserves), or roughly $167,000 with 20% down.
What is PMI and can I remove it?
Private mortgage insurance is a monthly cost on loans with under 20% down. You can usually cancel it once you reach about 20% equity.
Are closing costs included in the down payment?
No. Closing costs (about 2–3% of price) are separate and paid on top of your down payment.
Written by Surbhi Gupta, REALTOR® · CA DRE# 02314083 · eXp Realty of California, Inc. Serving Fremont, Union City, Newark, Hayward & Milpitas. This article is for general education, not financial advice — confirm current figures with a licensed professional.
