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

There are income limits for those wishing to apply for down payment assistance, and applicants must qualify for a first mortgage. —Paul Du Quenoy, MSNBC Newsweek, 26 Mar. 2025

Credit needed 620 for conventional loans Minimum down payment 0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo Already have a mortgage through Rocket Mortgage or looking to start one? —Kelsey Neubauer, CNBC, 25 Mar. 2025

Casey said the perk of renting was to avoid the hassle of making a down payment and the convenience of being able to call a landlord for maintenance issues. —Cayli Yanagida, Kansas City Star, 17 Mar. 2025

According to her, the mother has agreed to help with the down payment and costs. —Arabella Hau, People.com, 16 Mar. 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