down payment

noun

Definition of down payment

: 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 Fudge also endorsed direct federal financial assistance to help prospective minority homeowners with the down payment on a mortgage. Ashraf Khalil, Star Tribune, "HUD nominee pledges action to prevent home loss in pandemic," 28 Jan. 2021 The bridge loan can also be used for up to $25,000 in repairs to the old home or toward the down payment on the new home. Brooke Henderson, WSJ, "Home-Financing Startup Knock Names First CFO," 21 Jan. 2021 The details of the program still have to be hashed out, but the department says it’s targeting waitlisters who are almost ready to purchase homes but need help with the down payment. Promised Land, ProPublica, "Hawaii’s Big Fix to Its Housing Shortage for Native Hawaiians? A Casino.," 24 Dec. 2020 Firefighter Tony Joseph, 33, of Buffalo, New York, bought his 2,000-square-foot house in May after saving up for the down payment for about a year. Chauncey Alcorn, CNN, "Black Millennials fueled a surprising 2020 home-buying surge for African Americans," 6 Dec. 2020 Knock looks for markets where a majority of homeowners or potential sellers have 30% equity in their homes, at least enough to cover the loans for the down payment on a new home. Trevor Fraser, orlandosentinel.com, "Knock brings Home Swap service to Orlando, Tampa markets," 20 Oct. 2020 Borrowers hoping to qualify for the best interest rates will need to have a stable income, healthy down payment, strong credit and a modest amount of debt. Elizabeth Renter Nerdwallet, Star Tribune, "What hopeful home buyers will need to succeed in 2021," 30 Jan. 2021 That could include a down payment, mortgage relief or home renovations. Genevieve Bookwalter, chicagotribune.com, "Evanston year in Review: Robert Crown Center opens, death of Hecky Powell, new city manager," 29 Dec. 2020 Today, our average down payment on every non-QM loan is over 20 percent. Washington Post, "Good news for self-employed borrowers: Nonqualifying mortgages are staging a comeback," 4 Jan. 2021

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'down payment.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of down payment

1854, in the meaning defined above

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Time Traveler for down payment

Time Traveler

The first known use of down payment was in 1854

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Last Updated

1 Mar 2021

Cite this Entry

“Down payment.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/down%20payment. Accessed 8 Mar. 2021.

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More Definitions for down payment

down payment

noun

English Language Learners Definition of down payment

: a first payment that you make when you buy something with an agreement to pay the rest later

down payment

noun

Kids Definition of down payment

: a part of a price paid when something is bought with an agreement to pay the rest later

More from Merriam-Webster on down payment

Thesaurus: All synonyms and antonyms for down payment

Nglish: Translation of down payment for Spanish Speakers

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