Definition
Down payment
A down payment, or deposit, is the part of a property purchase paid from your own money rather than borrowed. The size of it determines the loan you need and often the interest rate you are offered.
In many countries it is only part of the upfront bill: taxes, legal fees, valuations and moving costs are usually paid at the same time.
Tools that use this term
Savings Goal Calculator
How many months it takes to reach a savings target, with monthly deposits and interest.
Down Payment Calculator
How long it takes to save a deposit, what it has to be, and how much mortgage insurance a small deposit costs.
Moving Cost Calculator
The one-off cost of moving: movers, deposits, transport and setting up again.
Rent Affordability Calculator
What rent your income supports, and whether the place you are looking at fits.