Short answer: How much down payment for a house on Staten Island is less than most buyers think: at the October 2026 median of $800,000, 3% down is $24,000, the 3.5% FHA minimum is $28,000 and 20% is $160,000. About half of buyers with a mortgage put down less than 20%.
The median home on Staten Island sold for $800,000 in October 2026. A lot of buyers assume they need 20% of that, $160,000, before they can start looking. Most do not.
What the down payment looks like at $800,000
| Down payment | At $800,000 | Note |
|---|---|---|
| 3% | $24,000 | Conventional loan, for eligible buyers |
| 3.5% | $28,000 | FHA loan minimum |
| 5% | $40,000 | |
| 10% | $80,000 | |
| 20% | $160,000 | No mortgage insurance on a conventional loan |
Our arithmetic on the October median. Your lender sets the real minimum for your loan, your credit and the home you pick.
Less than 20% is normal
About half of buyers with a mortgage put down less than 20%, according to a 2024 Zillow survey. Many first-time buyers put down 3% to 5%. A conventional loan can start at 3% for eligible buyers and an FHA loan at 3.5%. Under 20% on a conventional loan usually means paying mortgage insurance each month until you build enough equity.
Help with the down payment
Down payment assistance comes as grants, forgivable loans and deferred loans. Zillow research found that help covering 3.5% of the price could cut the time it takes to save a 10% down payment by a year and a half or more. Ask your lender which programs you qualify for before you decide you are not ready.
Co-ops and condos are different
Co-op boards set their own rules on how much you put down, and they are often stricter than a lender. If you are looking at co-ops, ask about the building’s minimum before you make an offer.
Budget for more than the down payment
Closing costs come on top. In New York the buyer also pays a 1% mansion tax on a home of $1,000,000 or more, so a home at $999,000 owes none and a home at $1,000,000 owes $10,000. Our guide to New York closing costs walks through the rest, and the Pinnacle buying guide covers the steps from pre-approval to keys.
Quick answers
How much is 20% down on an $800,000 house?
$160,000. 10% is $80,000, 5% is $40,000 and 3% is $24,000.
Can you buy a home with less than 20% down?
Yes. A conventional loan can start at 3% for eligible buyers and an FHA loan at 3.5%. Under 20% on a conventional loan usually means paying mortgage insurance each month until you build enough equity.
Does the down payment cover everything?
No. Closing costs come on top, and in New York the buyer pays a 1% mansion tax on a home of $1,000,000 or more.
Keep reading
- Should you buy now or wait for mortgage rates to drop?
- Winter checklist for Staten Island homeowners
- The Pinnacle buying guide
- New York closing costs
- Staten Island housing market, ZIP by ZIP
Questions about your own move? Call or text the office at 718-490-0393, or send us a note.
Sources: Staten Island figures: Staten Island MLS closed sales, October 1 to 31, 2026, as recorded by November 2. Houses, multi-family, condos and co-ops. Medians, not averages. Loan and survey figures: Zillow, read November 8, 2026. Mansion tax: New York State Department of Taxation and Finance. This is general information, not lending advice.
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