Down Payment by City

How Much Is a Down Payment on a House in San Mateo?

Updated November 1, 2026

By Vinura Abeysundara

Head of Growth at TurboHome

Reviewed by:

Vinura Abeysundara

Head of Growth at TurboHome

Kevin Kretzmer

Head Agent, California · CalDRE #01997822

A 20% down payment on the median San Mateo home is $334,000, based on 273 San Mateo homes that closed between May 1 and October 31, 2026 at a median price of $1,670,000. Most buyers put down less: an FHA loan at 3.5% down needs $58,450, a 5% conventional loan needs $83,500 and 10% down is $167,000. The median home exceeds the $1,249,125 San Mateo County FHA limit at 3.5% down, and 54.6% of San Mateo sales needed a jumbo loan even with 20% down.

TurboHome Market Analysis · San Mateo, California · Sales closed from May 1, 2026 to October 31, 2026

Key findings

On the median San Mateo home ($1,670,000), the down payment ranges from $58,450 at 3.5% (FHA) to $334,000 at 20%.
Home type changes the number more than anything else: 10% down is $230,000 on the median single family home ($2,300,000) and $86,500 on the median condo or townhome ($865,000).
32.2% of San Mateo sales were priced within the $1,249,125 San Mateo County FHA limit at 3.5% down, and 54.6% needed a jumbo loan even with 20% down (2026 conforming limit $1,249,125).
How San Mateo buyers actually paid: 70.3% conventional, 27% cash, 0.8% FHA and 0% VA, based on the 93.8% of closings that record a financing type.
The San Mateo median fell 4.6% year over year in our MLS feed ($1,750,000 to $1,670,000), which moved a 20% down payment by about $16,000.

Down payment on the median San Mateo home

The table uses the $1,670,000 median sale price for San Mateo homes that closed between May 1 and October 31, 2026 (single family homes, condos and townhomes). Monthly principal and interest is estimated at the Freddie Mac average 30-year fixed rate of 7.24% for the week of October 29, 2026; mortgage insurance, property taxes, homeowners insurance and HOA dues come on top.

Down payment. Every figure is in the table below.

Down payment on the median San Mateo home, data table
Down payment option	Down payment	Loan amount	Loan type at this price	Est. monthly principal and interest
3.5% down (FHA minimum)	$58,450	$1,611,550	Above FHA limit	$10,983
5% down (conventional minimum)	$83,500	$1,586,500	Jumbo	$10,812
10% down	$167,000	$1,503,000	Jumbo	$10,243
20% down (no mortgage insurance)	$334,000	$1,336,000	Jumbo	$9,105

Putting 20% down instead of 3.5% on the median San Mateo home cuts the monthly principal and interest by about $1,878 and avoids mortgage insurance, but it takes $275,550 more cash at closing. Closing costs typically add another 2% to 3% of the price on top of any option in the table.

Down payment by home type in San Mateo

Single family homes and condos sell at very different prices in San Mateo, so the home type you target sets your savings goal.

Down payment by home type in San Mateo, data table
Home type	Sales (6 mo)	Median sale price	3.5% down	5% down	10% down	20% down
Single family home	168	$2,300,000	$80,500	$115,000	$230,000	$460,000
Condo or townhome	105	$865,000	$30,275	$43,250	$86,500	$173,000
All homes	273	$1,670,000	$58,450	$83,500	$167,000	$334,000

Entry level, median and upper tier in San Mateo

One in four San Mateo homes sold for $1,100,000 or less (the 25th percentile), and one in four sold for $2,508,000 or more. The entry tier is usually the better target for a first-time buyer's down payment plan.

Entry level, median and upper tier in San Mateo, data table
Price tier	Sale price	3.5% down	5% down	10% down	20% down	Loan at 10% down
Entry level (25th percentile)	$1,100,000	$38,500	$55,000	$110,000	$220,000	$990,000 (conforming)
Median	$1,670,000	$58,450	$83,500	$167,000	$334,000	$1,503,000 (jumbo)
Upper tier (75th percentile)	$2,508,000	$87,780	$125,400	$250,800	$501,600	$2,257,200 (jumbo)

2026 loan limits in San Mateo County and what they mean for your down payment

2026 loan limits in San Mateo County and what they mean for your down payment, data table
Limit (one unit, 2026)	Amount	Max purchase price at minimum down	Share of sales within limit
FHA loan limit, San Mateo County	$1,249,125	$1,294,430 at 3.5% down	32.2%
Conforming loan limit, San Mateo County	$1,249,125	$1,314,868 at 5% down	33.3%
Jumbo needed even at 20% down	above $1,249,125 loan	above $1,561,406 price	54.6% of sales

San Mateo County is a high-cost area, so both the FHA and conforming limits sit at the national ceiling of $1,249,125 for 2026. FHA loans allow 3.5% down with a 580 or higher credit score but carry an upfront premium of 1.75% of the loan and monthly mortgage insurance for the life of the loan at less than 10% down. Conventional loans allow 3% to 5% down for first-time buyers with private mortgage insurance that drops off at 20% equity. Jumbo loans above the conforming limit usually require 10% to 20% down and higher reserves. Limits are from the FHFA and HUD announcements for 2026 (fhfa.gov, hud.gov).

How San Mateo buyers actually paid

Of the San Mateo closings in the period, 93.8% record the buyer's financing type in the MLS. Among those:

Share of closings. Every figure is in the table below.

How San Mateo buyers actually paid, data table
Financing type	Share of closings	Median sale price for this type	Minimum down payment
Conventional	70.3%	$1,813,600	3% to 5%
Cash	27%	$1,350,000	100%
FHA	0.8%	$592,500	3.5%
VA	0%	not calculated	0%

Nationally, first-time buyers put down a median 10% and repeat buyers 23% according to the NAR 2025 Profile of Home Buyers and Sellers (nar.realtor), and Redfin found the typical buyer put down 15%, or about $64,000, in March 2026 (redfin.com).

Where a down payment goes furthest in San Mateo

These are the three lowest-median neighborhoods in San Mateo with at least 15 closings in the period, out of 6 that qualified. Entry prices come with trade-offs: older buildings, higher HOA dues or longer commutes.

Where a down payment goes furthest in San Mateo, data table
Neighborhood	Sales (6 mo)	Median sale price	3.5% down	5% down	10% down
North Central	26	$560,000	$19,600	$28,000	$56,000
Downtown San Mateo	19	$1,128,000	$39,480	$56,400	$112,800
San Mateo Village	21	$1,510,000	$52,850	$75,500	$151,000
Citywide median	273	$1,670,000	$58,450	$83,500	$167,000
Baywood (highest median)	26	$2,655,500	$92,943	$132,775	$265,550

Local notes for San Mateo buyers

San Mateo's citywide median of $1,670,000 hides a wide spread: the median single family home closed at $2,300,000, so 20% down is $460,000, while the median condo or townhome sold for $865,000, where 10% down is $86,500. North Central ($560,000 median) and the downtown condo stock near the Caltrain station are the only places a sub-$60,000 down payment still works. Prices softened from $1,750,000 to $1,670,000 year over year in our feed, and homes still moved in a median 12 days with 55.3% closing above asking. Because 54.6% of sales were jumbo-sized even at 20% down, and only 0.8% of recorded financing was FHA, most San Mateo buyers are bringing conventional or jumbo pre-approvals with at least 10% down.

California down payment assistance for San Mateo buyers

CalHFA's MyHome Assistance Program is a deferred-payment junior loan of up to 3.5% of the purchase price or appraised value (whichever is lower) when paired with a CalHFA FHA first mortgage, or up to 3% with a CalHFA conventional first mortgage, usable for the down payment and closing costs (calhfa.ca.gov). On an entry-level San Mateo home at the 25th percentile price ($1,100,000), that is up to $38,500 with an FHA loan, which covers the entire 3.5% minimum, or up to $33,000 with a conventional loan. MyHome requires the borrower to be a first-time buyer under CalHFA's income limits, which vary by county, and the first mortgage must stay within the county loan limit of $1,249,125, so it applies to homes priced up to about $1,294,430 with an FHA loan, which is below the San Mateo median. CalHFA's Dream For All shared-appreciation loan reopens in limited rounds, and several cities and counties run their own programs; your TurboHome agent can check which ones apply to a specific address.

Methodology

TurboHome analyzed 273 San Mateo, California home sales recorded in the MLS with a close date between May 1 and October 31, 2026 and a sale price above $50,000. Single family homes, condominiums and townhouses are included; land, mobile and manufactured homes, multifamily and timeshares are excluded. Down payments are calculated as a straight percentage of the sale price and rounded to the nearest dollar; lender overlays, seller credits and closing costs are not included. FHA eligibility is the share of sales where the price less a 3.5% down payment is at or below the 2026 San Mateo County FHA one-unit limit of $1,249,125; the conforming test uses a 5% down payment against the 2026 conforming limit of $1,249,125; the jumbo test uses a 20% down payment against the same limit. Loan limits are from the FHFA announcement of November 25, 2025 and HUD's 2026 FHA limits effective January 1, 2026. The financing mix counts only closings where the MLS records a single buyer financing type; multi-value entries and blanks are excluded, and the mix is omitted where fewer than 80% of closings have a recorded type. Neighborhood medians use the MLS neighborhood field and require at least 15 closings (Sacramento uses ZIP codes with at least 8 closings because of thinner feed coverage). Monthly payment estimates use the Freddie Mac Primary Mortgage Market Survey 30-year fixed average of 7.24% for the week of October 29, 2026 (freddiemac.com/pmms), principal and interest only. Year-over-year comparisons use the same method for May 1 to October 31, 2025 and are shown only where the prior period has at least 100 closings in our feed.

Frequently asked questions

How much is a down payment on a house in San Mateo?

On the median San Mateo home, which sold for $1,670,000 between May 1 and October 31, 2026, a down payment is $58,450 at 3.5% (FHA), $83,500 at 5%, $167,000 at 10% and $334,000 at 20%. One in four homes sold for $1,100,000 or less, where 5% down is $55,000.

What is the minimum down payment for a house in San Mateo?

FHA loans allow 3.5% down, which is $58,450 on the median San Mateo home, as long as the loan stays under the $1,249,125 San Mateo County limit; 32.2% of San Mateo sales in the period qualified. Conventional loans allow 3% to 5% down for first-time buyers, and VA loans require no down payment for eligible veterans and service members.

Do I need 20% down to buy a house in San Mateo?

No. 27% of recorded San Mateo closings were all-cash and FHA plus VA loans covered 0.8%; the remaining 72.2% were conventional or other loans, many of them with less than 20% down and private mortgage insurance. Nationally, first-time buyers put down a median 10%. Putting 20% down ($334,000 on the median home) avoids mortgage insurance and lowers the payment by about $1,878 a month compared with 3.5% down.

Is San Mateo a jumbo loan market?

Largely, yes. 54.6% of San Mateo homes sold for more than $1,561,406, which means the loan exceeded the $1,249,125 conforming limit even with 20% down. Jumbo lenders typically want 10% to 20% down, higher credit scores and 6 to 12 months of reserves, so plan the down payment and the reserves together.

Is there down payment assistance in San Mateo?

Yes. CalHFA's MyHome program offers a deferred junior loan of up to 3.5% of the price with a CalHFA FHA loan ($38,500 on an entry-level San Mateo home at the 25th percentile price) or 3% with a conventional loan, subject to first-time buyer status, income limits and the $1,249,125 county loan limit. Local city and county programs may stack on top.

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