How to calculate required down payment from property value and loan percentage?
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The bank grants a loan for % of the property value. If the apartment costs $ ...
What down payment is required?
Calculation type: Calculating the percentage value of a given number (loan amount), then subtraction (down payment).
Calculator usage:
Step 1 (Loan amount): Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter the percentage of the property value for which the bank grants the loan as X (80) and the property value as Y ($300000). The calculator will calculate 80% of $300000.
Step 2 (Down payment): Subtract the loan amount calculated in Step 1 from the property value.
Explanation using a formula:
We are looking for the down payment. The loan amount is 80% of $300000.
Loan amount = (80 / 100) × $300000 = 0.8 × $300000 = $240000
Down payment = $300000 - $240000 = $60000
Calculator usage:
Step 1 (Loan amount): Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter the percentage of the property value for which the bank grants the loan as X (80) and the property value as Y ($300000). The calculator will calculate 80% of $300000.
Step 2 (Down payment): Subtract the loan amount calculated in Step 1 from the property value.
Explanation using a formula:
We are looking for the down payment. The loan amount is 80% of $300000.
Loan amount = (80 / 100) × $300000 = 0.8 × $300000 = $240000
Down payment = $300000 - $240000 = $60000
Answer: The required down payment is $ .