down payment

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.

down payment

noun

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

down payment

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

Word History and Origins

Origin of down payment¹

First recorded in 1925–30

Example Sentences

The monthly mortgage payment on an average $400,000 home is around $2,170, based on current rates and assuming the buyer has a $60,000, or a 15%, down payment.

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Now he says he’s got enough in his brokerage account to put a down payment on his first home soon.

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Mahoney said some clients feel distressed about hitting pause on financial goals they have been working toward for years, such as contributing monthly to a fund for a down payment on a house.

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You will also have to liquidate at least a portion of your retirement savings to make a down payment on a property or buy something outright.

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If you don’t, would you like to save money as a down payment for a home?

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Related Words

• deposit