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Down Payment worksheet

Grades 11–12 · CCSS HSA.SSE.B.4

Solve each problem and show your work. Round answers to 2 decimal places where needed.

1.
Problem 1.
- What do you know?: Price and down $
- Home price: $350,000
- Down payment: $36,000
- Plan monthly savings toward the down payment: No
Find: Down payment percentage
Answer
2.
Problem 2.
- What do you know?: Down $ and down %
- Down payment: 15% of price
- Down payment: $30,000
- Plan monthly savings toward the down payment: No
Find: Home price
Answer
3.
Problem 3.
- What do you know?: Price and down %
- Home price: $275,000
- Down payment: 10% of price
- Plan monthly savings toward the down payment: No
Find: Down payment
Answer
4.
Problem 4.
- What do you know?: Price and down %
- Home price: $300,000
- Down payment: 10% of price
- Plan monthly savings toward the down payment: No
Find: Down payment
Answer
5.
Problem 5.
- What do you know?: Price and down %
- Home price: $420,000
- Down payment: 20% of price
- Plan monthly savings toward the down payment: No
Find: Down payment
Answer
6.
Problem 6.
- What do you know?: Price and down $
- Home price: $400,000
- Down payment: $28,000
- Plan monthly savings toward the down payment: No
Find: Down payment percentage
Answer
7.
Problem 7.
- What do you know?: Price and down %
- Home price: $340,000
- Down payment: 5% of price
- Plan monthly savings toward the down payment: No
Find: Down payment
Answer
8.
Problem 8.
- What do you know?: Price and down $
- Home price: $450,000
- Down payment: $32,500
- Plan monthly savings toward the down payment: No
Find: Down payment percentage
Answer
9.
Problem 9.
- What do you know?: Down $ and down %
- Down payment: 20% of price
- Down payment: $52,000
- Plan monthly savings toward the down payment: No
Find: Home price
Answer
10.
Problem 10.
- What do you know?: Price and down %
- Home price: $425,000
- Down payment: 25% of price
- Plan monthly savings toward the down payment: No
Find: Down payment
Answer

Answer key: Down Payment worksheet

1. Down payment percentage: 10.29%
1. Divide the down payment by the price to see what percent of it you're paying up front
  $\frac{$36,000.00}{$350,000.00} \times 100$ $= 10.285714%$
2. Subtract the down payment from the price to see how much you'd borrow
  $$350,000.00 - $36,000.00$ $= $314,000.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$314,000.00}{$350,000.00} \times 100$ $= 89.714286%$
2. Home price: $200,000.00
1. Divide the down payment by its percent to work back to the full home price
  $\frac{$30,000.00}{15%}$ $= $200,000.00$
2. Subtract the down payment from the price to see how much you'd borrow
  $$200,000.00 - $30,000.00$ $= $170,000.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$170,000.00}{$200,000.00} \times 100$ $= 85%$
3. Down payment: $27,500.00
1. Take your chosen percent of the price to get the down payment
  $$275,000.00 \times 10%$ $= $27,500.00$
2. Subtract the down payment from the price to see how much you'd borrow
  $$275,000.00 - $27,500.00$ $= $247,500.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$247,500.00}{$275,000.00} \times 100$ $= 90%$
4. Down payment: $30,000.00
1. Take your chosen percent of the price to get the down payment
  $$300,000.00 \times 10%$ $= $30,000.00$
2. Subtract the down payment from the price to see how much you'd borrow
  $$300,000.00 - $30,000.00$ $= $270,000.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$270,000.00}{$300,000.00} \times 100$ $= 90%$
5. Down payment: $84,000.00
1. Take your chosen percent of the price to get the down payment
  $$420,000.00 \times 20%$ $= $84,000.00$
2. Subtract the down payment from the price to see how much you'd borrow
  $$420,000.00 - $84,000.00$ $= $336,000.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$336,000.00}{$420,000.00} \times 100$ $= 80%$
6. Down payment percentage: 7%
1. Divide the down payment by the price to see what percent of it you're paying up front
  $\frac{$28,000.00}{$400,000.00} \times 100$ $= 7%$
2. Subtract the down payment from the price to see how much you'd borrow
  $$400,000.00 - $28,000.00$ $= $372,000.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$372,000.00}{$400,000.00} \times 100$ $= 93%$
7. Down payment: $17,000.00
1. Take your chosen percent of the price to get the down payment
  $$340,000.00 \times 5%$ $= $17,000.00$
2. Subtract the down payment from the price to see how much you'd borrow
  $$340,000.00 - $17,000.00$ $= $323,000.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$323,000.00}{$340,000.00} \times 100$ $= 95%$
8. Down payment percentage: 7.22%
1. Divide the down payment by the price to see what percent of it you're paying up front
  $\frac{$32,500.00}{$450,000.00} \times 100$ $= 7.222222%$
2. Subtract the down payment from the price to see how much you'd borrow
  $$450,000.00 - $32,500.00$ $= $417,500.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$417,500.00}{$450,000.00} \times 100$ $= 92.777778%$
9. Home price: $260,000.00
1. Divide the down payment by its percent to work back to the full home price
  $\frac{$52,000.00}{20%}$ $= $260,000.00$
2. Subtract the down payment from the price to see how much you'd borrow
  $$260,000.00 - $52,000.00$ $= $208,000.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$208,000.00}{$260,000.00} \times 100$ $= 80%$
10. Down payment: $106,250.00
1. Take your chosen percent of the price to get the down payment
  $$425,000.00 \times 25%$ $= $106,250.00$
2. Subtract the down payment from the price to see how much you'd borrow
  $$425,000.00 - $106,250.00$ $= $318,750.00$
3. Loan-to-value: the loan as a share of the price, which lenders use to set terms
  $\frac{$318,750.00}{$425,000.00} \times 100$ $= 75%$