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 As Tobias Peter, a senior fellow and co-director of the American Enterprise Institute’s housing center, sees it, the government promoted demand for housing via lax underwriting and down payment assistance programs against a limited supply. Alena Botros, Fortune, 18 Feb. 2024 Yet the national-security bill is a down payment on recapitalizing America’s defense-industrial base. Matthew Continetti, National Review, 17 Feb. 2024 So far the 32-room Opportunity Village on East 18th Street is running at more than an 80 percent success rate, Olson said, noting his Bay Area Community Services (BACS) nonprofit also helps residents with jobs and down payments at their new homes. Judith Prieve, The Mercury News, 31 Jan. 2024 Mosby used the money on down payments and closing costs for the Florida properties. Alex Mann, Baltimore Sun, 23 Jan. 2024 The minimum down payment required to purchase a home depends on various factors, such as the type of mortgage being taken out, the prospective homebuyer’s credit score, and the property’s asking price. Bryan Mena, CNN, 3 Feb. 2024 The top factors preventing them from purchasing a home in 2023 included home prices, mortgage rates, moving costs, down payment costs, credit scores, debt, and inventory levels. Sydney Lake, Fortune, 28 Jan. 2024 After last year’s budget of $300 million in down payment assistance was devoured in 11 days, California has relaunched its program with stricter guidelines to target a niche group of first-time homebuyers. Brianna Taylor, Sacramento Bee, 26 Jan. 2024 Officials have pledged $400 million in funding for down payment assistance for Solano County residents to buy homes in the new community. Jessica Garrison, Los Angeles Times, 17 Jan. 2024 See More

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'down payment.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

1854, in the meaning defined above

Time Traveler
The first known use of down payment was in 1854

Dictionary Entries Near down payment

Cite this Entry

“Down payment.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/down%20payment. Accessed 25 Feb. 2024.

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

More from Merriam-Webster on down payment

Last Updated: - Updated example sentences
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!