How much would the bank lend me if I buy a house worth $700,000 and pay a 20% deposit?
Question
How much would the bank lend me if I buy a house worth $700,000 and pay a 20% deposit?
Solution
To calculate how much the bank would lend you, you first need to determine the amount of your deposit.
Step 1: Calculate the deposit A 20% deposit on a 700,000 * 20% = $140,000
Step 2: Subtract the deposit from the total price The amount the bank would lend you is the total price of the house minus your deposit. So: 140,000 = $560,000
So, the bank would lend you $560,000.
Similar Questions
If I'm looking at buying a house for $450,000, and want my deposit to be 20%, how much do I need to have saved?
Suppose you currently pay $1650 per month in rent. If you want to stop renting and purchase a home with the same monthly payments as you pay in rent now, how much money can you borrow from the bank for a 15-year mortgage at 2%?
You are thinking of purchasing a house. The house costs $ 350 000. You have $ 50 000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of nbsp 8 % per year. What will your annual payment be if you sign up for this mortgage?
If you borrow N$150,000 for a house at an 8% compound annual interest rate for 30 years, what is your monthly payment?
Loan $8,000,000.00 payout 10 years interest rate 10% what will be the annual payment?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.