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 starters, buying a home typically requires a significant amount of cash for down payment and closing costs. —Shane Croucher, Newsweek, 28 Dec. 2024

The Newark Land Bank Housing Choice Voucher Conversion Program allows qualified recipients to use their vouchers and down payment assistance to purchase single family homes. —Pat Leonard, New York Daily News, 26 Dec. 2024

At the end of the meeting, Holloway gave Harper a pair of diamond earrings for a down payment. —Christine Pelisek, People.com, 15 Dec. 2024

What's next: Younger people are increasingly banking on family money for down payments, Redfin research shows. —Sami Sparber, Axios, 2 Dec. 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