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Most people borrow money when they are purchasing a home.
These home loans, also called mortgages, are based on the borrowing principles described here. Downpayment A downpayment is the cash amount you pay toward the purchase price of your home at closing. Your home loan is the amount of money you borrow. Together, the downpayment plus the loan make up the purchase price of the home you are buying. The interest rate is the basic cost of borrowing money.