Question

If someone buys a home for $200,000 and makes a 20 percent down payment, that person will have to?

Answer 1

If someone buys a home for $200,000 and makes a 20 percent down payment, that person will have to pay $40,000 up front.

What is Down payment?

• An advance, partial payment known as a down payment is made when buying expensive products or services like a home or a car.
• Typically, it is paid in cash or an equivalent at the time the transaction is completed. The remaining payment must then be financed through a loan of some kind.

• A greater down payment typically indicates that you are a less risky borrower, and a lower interest rate reflects a less hazardous borrower.
• A lower interest rate will enable you to pay less interest overall and save you money on your monthly payment.

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