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

Credit needed 620 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, 27 Dec. 2024

Her biggest needs are a computer, tuition to become an aesthetician and a down payment for a mobile home. —Nicole Villalpando, Austin American-Statesman, 25 Dec. 2024

At first, Evanston’s reparations program offered recipients only in-kind financial assistance, which could be used toward mortgage payments, a down payment for a house, or home improvement projects. —Michela Moscufo, NBC News, 23 Dec. 2024

Between the lines: Homeownership is increasingly out of reach, especially as renters are becoming more cost-burdened and are less able to save money for down payments, per the Harvard report. —Tasha Tsiaperas, Axios, 16 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