WooCommerce Deposits is allows you to either accept a one time upfront payment or create a payment plan for your products.
What it does: The extension does all required calculations for you according to your desired payment settings. It then creates an initial order and splits up the remaining amounts into single orders that get created automatically on the scheduled date. Just like scheduled posts in WordPress.
What it does not: It is independent of payment gateways as it does not automatically collect any payment nor does it automatically create invoices. This you must setup independently.
Here is a screencast that walks you through the extension.