Good faith deposit made by a buyer to underline his or her commitment to complete the deal is called as Down Mortgage Payment. It is the part of the purchase price paid in cash up front, reducing the amount of the loan or mortgage.
In mortgage agreements, down payment is the difference between the purchase price of a property and the mortgage loan amount. Also called earnest money or front money. A type of payment made in cash during the onset of the purchase of an expensive good/service.
Making a down payment and then paying the rest of the price through installments is a method that makes expensive assets more affordable for the typical person.
Calculate the down payment for the given loan amount Rs.10,00,000 at 5% interest rate for 7 years.
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