(1) Payment term used in the context of the purchase of expensive items ,where a portion of the total amount due is usually given in cash upfront before finalizing a transaction.

(2) It used to be that a 15-20% down payment on a residence was pretty much the standard for most home purchases. Most of today’s down payments fall in the 5-20% range, with some even as low as 3%, if the homes purchased are real estate-owned properties the government owns. The general rule is the more a buyer is willing to put down on a home, the lower their mortgage interest rate will be. Offering mortgage calculators like this one on your real estate website can help potential clients determine how much they can afford to put down.

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