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How much do you need to put down on a $600,000 home in Portland?
On a $600,000 home, a 3% down payment is about $18,000, 5% is about $30,000, 10% is about $60,000, and 20% is $120,000. The right choice balances your savings, your monthly payment, and whether you want to avoid private mortgage insurance, and programs like FHA, VA, and USDA change the math entirely.
The Math
Down payment scenarios for a $600,000 home.
The numbers below are simple math on a $600,000 purchase price to help you see the range. They are general illustrations, not quotes, and your final figures depend on the exact price, fees, taxes, and loan program.
Amounts shown are general percentage math on a $600,000 purchase price for illustration only and are not a quote, commitment, or guarantee. Actual down payments, fees, and costs vary by lender, program, and property.
Understanding PMI
What is private mortgage insurance (PMI)?
On a conventional loan, if you put down less than 20%, lenders typically require private mortgage insurance. PMI protects the lender, not you, and it adds to your monthly payment. The good news: on a conventional loan, PMI can usually be removed once you reach about 20% equity in the home.
Why PMI exists
A smaller down payment means more of the loan is outstanding relative to the home's value, which is a higher risk for the lender. PMI compensates for that added risk, which is why it disappears as you build equity.
Putting down 20% avoids it
With 20% down, you skip PMI on a conventional loan entirely. But 20% isn't required, and for many buyers it makes more sense to put less down and start building equity sooner.
Your Options
Options if you don't want to put 20% down.
You do not need 20% down to buy a home in Portland. Here are the most common ways buyers put less down.
Conventional with 3% down
Many programs allow as little as 3% down with PMI. Once you hit about 20% equity, you can request to have PMI removed.
FHA with 3.5% down
FHA requires just 3.5% down and is flexible on credit. It carries mortgage insurance premiums for the life of the loan unless you refinance.
VA and USDA with zero down
Eligible veterans and service members can buy with zero down and no PMI. USDA offers zero-down options in eligible areas with income limits.
Oregon down payment assistance
State programs may help cover your down payment and closing costs, which can lower how much cash you bring to the table.
Gift funds from family
Many programs allow a qualified family member to gift part or all of your down payment. Documentation requirements apply.
Pay PMI upfront
Some lenders let you pay mortgage insurance as a one-time upfront cost instead of monthly, which can change your payment math.
How to Decide
How much should you actually put down?
There is no one-size-fits-all answer. A bigger down payment means a lower payment and less mortgage insurance, but it also ties up more of your cash. Many buyers prefer to keep reserves for furniture, repairs, and life. Here's how to think about it.
Keep emergency savings separate from your down payment.
Emptying your accounts to hit 20% can leave you house-rich and cash-poor. It is usually wise to keep some cushion.
Compare monthly payments at each level.
See the real difference between 5%, 10%, and 20% down on your monthly payment, including insurance and taxes.
Factor in closing costs.
Your down payment is not the only cash you need. Closing costs add to the total, so budget for both.
Let your goals guide you.
If a lower payment frees you to save or invest, a bigger down payment may win. If getting into a home sooner matters most, lower down options are worth it.
Not sure how much to put down?
Chris Siegfried will run the numbers for your specific purchase price and savings so you can see the real trade-offs. Call, text, or send a message.
Chris Siegfried, NMLS #963944, Mortgage Loan Originator licensed in Oregon, Washington, Arizona, Idaho, and California. CMG Mortgage, Inc. dba CMG Home Loans, NMLS ID# 1820. This is not a commitment to lend; rates and terms change daily and are subject to qualification.