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

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

Other proposals include $10 billion in bonds to build mixed-income housing on underutilized public lands, limits on investor purchases of single-family homes and an expansion of down payment and other types of mortgage assistance.

From Los Angeles Times • May 1, 2026

Gen Caine said the $1.5tn "represents a historic down payment for future security" that would allow the US to get ahead of fast-evolving technology.

From BBC • Apr. 29, 2026

He has long maintained that his company, which started in 2011 and offered mortgages for as little as a 1% down payment, has not preyed on its customers.

From Salon • Apr. 12, 2026

Mom is working extra shifts because she is determined to start saving money so she can put a down payment on a car.

From "Piecing Me Together" by Renée Watson

Related Words

• deposit