You want to buy a $195,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest.
How much is the loan amount going to be?
To find the loan amount, we need to subtract the down payment from the total cost of the home.
Down payment: 20% of $195,000 = $39,000
Loan amount = Total cost of the home - Down payment
= $195,000 - $39,000
= $<<195000-39000=156000>>156,000
Therefore, the loan amount will be $156,000.