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

A buyer with a $2,500 monthly budget and a 20% down payment can afford to buy a roughly $400,000 home at a 6% mortgage rate, according to real-estate brokerage Redfin.

From The Wall Street Journal • May 21, 2026

You gave her a down payment and you helped her out with mortgage payments half a dozen times.

From MarketWatch • May 12, 2026

The typical monthly mortgage payment on an existing single-family home, assuming a 20% down payment, was $1,979 in the first quarter, according to data released Tuesday by the National Association of Realtors.

From Barron's • May 5, 2026

Tran would work to expand programs, such as the Low-Income Housing Tax Credit, to incentivize developers to build more affordable units, and to provide direct mortgage relief and down payment assistance to first-time homebuyers.

From Los Angeles Times • May 1, 2026

The down payment was $100, which they had to borrow from my mother’s father.

From "Drama High" by Michael Sokolove

Related Words

• deposit