What is another word for down payment?

75 synonyms found


[ dˌa͡ʊn pˈe͡ɪmənt], [ dˌa‍ʊn pˈe‍ɪmənt], [ d_ˌaʊ_n p_ˈeɪ_m_ə_n_t]

How to use "Down payment" in context?

Down payment, simply put, is the percent of the purchase price of a property you pay in cash up front. Down payment calculations can vary, but generally speaking, the larger the down payment, the less you will have to borrow. So, if you have a large down payment, a lower interest rate is available to you. Conversely, a small down payment can mean higher interest rates.

Primary considerations in choosing a down payment include your income and savings, as well as the amortization period of the mortgage. You can also consider other financial factors, such as the term of the loan and the characteristics of the property.

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