Question 1097451: If a home is $420,000, and you put 20% down, what is the remaining you will have to refinance
Answer by jim_thompson5910(35256)   (Show Source):
You can put this solution on YOUR website!
Take 20% of 420,000 to get
20% of 420,000 = (20/100)*420,000
20% of 420,000 = (0.20)*420,000
20% of 420,000 = 84,000
So you have to pay $84,000 up front before any money is loaned to you. This is the down payment.
Now subtract that result from the value 420,000
420,000 - 84,000 = 336,000
The remaining amount of money loaned to you is $336,000 (which is another way of saying this amount is financed)
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Alternatively you can think of it like this: You put 20% down as a downpayment, so 100%-20% = 80% of the total home value is financed.
Taking 80% of the home value gives us
80% of 420,000 = (80/100)*420,000
80% of 420,000 = (0.80)*420,000
80% of 420,000 = 336,000
which is another way to get to the answer of $336,000
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