down payment

American  

Or down-payment

noun

1. an initial amount paid at the time of purchase, in installment buying, time sales, etc.

2. any initial or partial payment, gift, favor, or recompense, as to reduce one's indebtedness or express one's obligation or gratitude.

   This gift is just a down payment for all the favors I owe you.

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down payment British  

noun

1. the deposit paid on an item purchased on hire-purchase, mortgage, etc

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down payment Cultural  

1. A payment in part made at the time of purchase of a good, with the promise to make full payment later.

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Etymology

Origin of down payment

First recorded in 1925–30

Example Sentences

These programs typically require single-family home renters to pay above-market rent, setting aside the extra money for a down payment to eventually purchase the home.

From The Wall Street Journal

Over the last year, the number of down-payment assistance programs that people can use to offset the cost of a down payment has been on the rise.

From MarketWatch

She also wants to save money for a down payment to buy a home someday.

From The Wall Street Journal

Even if John and Jane drained their accounts, their down payment of $32,500 would be less than 8% of the home’s price.

From MarketWatch

The Republican Study Committee described the proposal as an affordability package aimed at lowering down payments, enacting mortgage reforms and creating more tax breaks.

From Los Angeles Times

Related Words

• deposit