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

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

Financial planners often suggest that before you start saving and investing for retirement, for a down payment on a house or for your children’s college fund, you first establish an emergency fund.

From MarketWatch

In fact, nearly 40% of recent homebuyers under the age 30 used either a cash gift from a family member or an inheritance for their down payment, according to a survey commissioned by Redfin.

From MarketWatch

Your family’s decision to give you money towards a down payment for your home has nothing to do with going into business with your brother-in-law and his wife.

From MarketWatch

Related Words

• deposit