What do you call the monthly payment you make when you rent an apartment or house?

When you buy a house, it is a good idea to pay a down payment of 20% up front. To get 20%, multiply the entire cost of the house by 0.2. So, if you bought a house for $500,000, how much would a down payment of 20% be?

Use a calculator and type 500x0.2

When you rent an apartment, you often have to pay a deposit up front. A desposit is often two months rent. So to get this number, multiply the monthly rent by two.

If you rent an apartment for 2,526 a month, how much would the deposit be? Open the calculator and put in: 2,526x2

To afford a place to live, most experts recommend that your monthly housing cost (mortgage or rent) are no more than 30% of your income. To calculate how much money you need to make in a year to afford a home or apartment, divide the mortgage/rent cost by 0.3, then multiply the result by 12.

So if your monthly rent/mortgage is $3,000 a month, how much money do you need to make to afford that place?

Use a calculator and put in 3,000/0.3. Then multiply the result by 12.