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

Down payment assistance isn’t limited to low-income buyers.

From Seattle Times • Mar. 10, 2024

Down payment assistance programs are available in every state at the HUD website.

From Washington Post • Oct. 18, 2021

Down payment was cut from 25% to only 10%; buyers can fly off for as little as $750 down.

From Time Magazine Archive

Related Words

• deposit