6.1-6.2

Math

Down Payment

an initial payment made when something is bought on credit.

Closing Cost

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

the charging of real (or personal) property by a debtor to a creditor as security for a debt (especially one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.