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

Harris’s plan includes $25,000 in down payment assistance for first-time homeowners, while Trump has floated a ban on mortgages for undocumented immigrants, who make up a relatively small portion of the mortgage market. —Samantha Delouya, CNN, 12 Sep. 2024

Harris released a recent 60-second ad on economic policy, focused primarily on housing and first-time homeownership, which outlines parts of her plan, including building new homes and providing down payment assistance. —Rebecca Schneid, TIME, 11 Sep. 2024

More:Detroit’s down payment assistance plan serves as model for Harris proposal, Duggan says More:Coalition demands release of body cam footage from fatal shooting during an eviction Contact Nushrat Rahman: [e-mail]. —Nushrat Rahman, Detroit Free Press, 11 Sep. 2024

Harris has proposed providing $25,000 in down payment assistance for Americans who have paid their rent on time for two years, with more support for first-generation homeowners. —Aimee Picchi, CBS News, 10 Sep. 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