How to calculate required down payment from property value and loan percentage?
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The bank covers % of the property price. If the apartment costs $ ...
How much down payment do I need?
Calculation type: Calculating a percentage of a number
(loan amount), then subtracting (down payment).
How to use the calculator:
Step 1 (Loan amount): Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter 80 [X] and $300000 [Y]. It will calculate 80% of $300000.
Step 2 (Down payment): Subtract the loan amount (Step 1) from the property value.
The formula:
We want the down payment. The loan covers 80% of $300000.
Loan amount = (80 / 100) × $300000 = 0.8 × $300000 = $240000
Down payment = $300000 - $240000 = $60000
How to use the calculator:
Step 1 (Loan amount): Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter 80 [X] and $300000 [Y]. It will calculate 80% of $300000.
Step 2 (Down payment): Subtract the loan amount (Step 1) from the property value.
The formula:
We want the down payment. The loan covers 80% of $300000.
Loan amount = (80 / 100) × $300000 = 0.8 × $300000 = $240000
Down payment = $300000 - $240000 = $60000
Answer: The required down payment is $ .