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

Each has a master’s degree in the computer-science area and each is employed and living in their own condos that we helped them attain with the down payment.

From MarketWatch

Historically, families purchased homes early in their lives, financed by a substantial down payment.

From MarketWatch

Bhardwaj said he now hopes to use the money to one day make a down payment on a piece of property.

From MarketWatch

If they can make a 20% down payment and avoid paying high private mortgage insurance, while still having some money left over after closing, that would also reduce their risk.

From MarketWatch

“People think you’re less qualified because of lower down payments, or that you may have credit issues, or because you have a high debt-to-income ratio,” he said.

From MarketWatch

Related Words

• deposit