Financial Math

Down Payment

an initial amount paid at the time of purchase, in installment buying,time sales, etc.

closing cost

fees charged to a purchaser by a bank, lawyer, etc. for services related to a sale, as title search, appraisal, etc.

mortgage payment

A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.

renting vs. purchasing a home

pay for the use of something, for example a home is renting vs. when a person purchases a home they are now the owner.