Life & Career · 房贷首付比例 · Updated 2026-10-25
What Is Mortgage Down-Payment Ratio?
Definition
Down-payment ratio = down payment ÷ home price; the rest becomes the loan. It determines three things at once: loan principal (hence total interest), monthly payment burden (hence the income test), and the entry threshold. After China's May 2024 policy, most cities allow 15% minimum for first homes (25% for second). A 15% down payment is ~6.67x leverage: a 1% price rise is a ~6.67% return on your own cash — leverage amplifies both directions.
Formula
Ratio = down payment ÷ price; reverse check: monthly payment ≤ monthly income × 50% (most banks' line)
Worked Example
For a 1.5M home: 15% down borrows 1.275M (≈5,797/month at 3.6%, 30y); 30% down borrows 1.05M (≈4,774/month). Paying 225K more upfront cuts the payment by 1,023 and saves ≈143K of interest.
Common Misconception
Lower down payment is not "cheaper" — more loan means more interest; it is trading interest for liquidity. And the down payment is not the whole entry cost: deed tax (1-3%), maintenance funds and renovation typically add another 5-10% of the price.
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