1 % Rule Help Please

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I’m trying to figure out because I’m second guessing myself and over analyzing things.

When it comes to the 1% rule do I run my numbers off the purchase price or what I own in the mortgage?

For example. I purchase a property for 100,000 with 20% Down brings me to $80,000 mortgage. Do I apply the 1% rule to my 80k on on the purchase price of 100k.

Thanks