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

Eligible households earning up to 100 percent of the area median income (AMI) could receive up to $50,000 in financial assistance for their down payment, while households earning up to 135 percent AMI could get up to $35,000. —Giulia Carbonaro, MSNBC Newsweek, 14 May 2025

Remember, the Realtor yardstick assumes buyers spend 30% of their income based on a mortgage with a 20% down payment, with an additional 1.4% of the purchase price going toward property taxes and insurance. —Jonathan Lansner, Oc Register, 13 May 2025

Saving for a down payment on a house is similar — money is set aside, hopefully appreciates until a suitable home is identified, and the funds are withdrawn. —Michael Khouw, CNBC, 12 May 2025

Those who are worried about losing their jobs might not want to commit to a big down payment right now. —Laurel Wamsley, NPR, 3 Apr. 2025

Word History

First Known Use

1854, in the meaning defined above

Rhymes for down payment

• copayment
• embayment
• nonpayment
• prepayment
• repayment
• claimant
• overpayment
• underpayment

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