down payment

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.

down payment

noun

1. the deposit paid on an item purchased on hire-purchase, mortgage, etc

down payment

1. A payment in part made at the time of purchase of a good, with the promise to make full payment later.

Word History and Origins

Origin of down payment¹

First recorded in 1925–30

Example Sentences

The idea is that they may have received a break on the loan terms — a lower down payment required, or a lower interest rate charge — because lenders think kindlier of borrowers for primary residences.

From Los Angeles Times

Evanston, Illinois, just outside of Chicago, became the first city to make reparations available to its black residents in 2021, by offering qualified households money for expenses such as home repairs and down payments.

From BBC

Earlier, the government announced it would relax targets for electric and hybrid cars and provide £2.3bn to boost electric car take-up and improve charging infrastructure as a "down payment" on Britain's industrial future.

From BBC

It is a down payment on welfare reform, and a much bigger up front scorable spending cut to help the chancellor's numbers, and so avoid tax rises or missing her non-negotiable borrowing limits.

From BBC

For most apartment dwellers, saving for a down payment on a home can take years.

From Salon

Related Words

• deposit