Financial Math

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Down payment

an initial payment made when something is bought on credit.

Closing cost

Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is conveyed to the buyer. Closing costs are incurred by either the buyer or the seller

Mortgage loan

A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full.

Renting Vs. Owning

Renting you are still making payments and it is not fully yours. Owning you do not have to make payments for the house and it is officially yours.