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Your customers are investing $160,000 in a house. How much points are they paying in total if they put down a 25% down payment and the bank charges two points at closing? The loan amount after their 25% down payment ($160,000 x.75 = $120,000).
A down payment is a quantity of money that a buyer pays at the beginning of a pricey good or service purchase. A portion of the entire purchase price is covered by the down payment, and the buyer frequently takes out a loan to cover the balance.
This sum is typically expressed as a percentage of the overall cost of buying the house. A typical down payment is 20%, for instance, which means the buyer will pay 20% of the total purchase price up front. During the closing procedure, this sum is typically paid in the form of a cashier's check.
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