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  Home >> Lending >> Home Mortgage  
Calculating a Down Payment

I want to buy a home that cost $113,000. How much will I need to put down if I only want to pay $650.00 per month plus the cost of maintenance, which is about $117.00 per month?


The formula you want for your payment is Principal x Rate x Time. That is, the amount you will borrow times the rate of interest on the loan, times the months for which you will be taking the loan. We don't have the variables for your rate or time of the loan.

There are also online calculators. Here is one on the BankingQuestions.com site that is quite good. You can play with all the numbers and find the deal that works for you.

Published on BankingQuestions.com 12/17/09