- an initial amount paid at the time of purchase, in installment buying, time sales, etc.
- 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.
Origin of down payment
First recorded in 1925–30
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
Examples from the Web for downpayment
How small a downpayment would they like buyers to qualify with?
- the deposit paid on an item purchased on hire-purchase, mortgage, etc
A payment in part made at the time of purchase of a good, with the promise to make full payment later.
The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.