down payment

noun

: a part of the full price paid at the time of purchase or delivery with the balance to be paid later

broadly : the first step in a process

Examples of down payment in a Sentence

She made a 10 percent down payment on the car.

We put a down payment on the house.

Recent Examples on the Web

For example, Harris has proposed giving $25,000 in down payment assistance to first-time homebuyers. —Paul Davidson, USA TODAY, 4 Nov. 2024

This can include down payment assistance, affordable loan products and comprehensive financial counseling. —Kevin Cohee, Forbes, 1 Nov. 2024

The vice president aims to increase the child tax credit, offer down payment assistance to first-time homebuyers, raise the tax deduction for small business and increase the Medicare tax for those earning more than $400,000. —Nina Turner, Newsweek, 31 Oct. 2024

Harris is also proposing outlawing price fixing by corporate landlords and giving first-time homebuyers who have paid their rent on time for two years with up to $25,000 in down payment assistance. —Carter Evans, CBS News, 25 Oct. 2024

Word History

First Known Use

1854, in the meaning defined above

Kids Definition

down payment

noun

: a part of the full price paid at the time of purchase or delivery with the remainder to be paid later