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

There was his credit score, his down payment, and his assets. Adam Harris, The Atlantic, "Yet Another Way Student Debt Keeps People from Buying Homes," 11 July 2018 Tillery said saving for a down payment has been difficult because of her nonprofit salary, rent that rises almost every year and her student loan payments. Jonnelle Marte, chicagotribune.com, "Black homeownership is stuck near 30-year lows," 6 July 2018 Today, these homes typically sell for $400,000, about seven times the median income, and mortgages typically require down payments of up to 20 percent. Valerie Strauss, Washington Post, "What you should know about race-based affirmative action and diversity in schools," 3 July 2018 Besides, many buyers make substantial down payments of 20 percent or more, thus taking out smaller loans. Russ Wiles, azcentral, "5 myths and misconceptions about new income-tax rules," 3 June 2018 Caitlin’s mother later offered the couple $10,000 to use either for their wedding or their down payment. Anna Orso, Philly.com, "How to buy a house or pay for rent? Mom and Dad might help," 11 Apr. 2018 What homeowners pay for private mortgage insurance is based on their credit and the size of their down payment. Susan Tompor, USA TODAY, "PMI tax deduction could mean bigger tax refund: Here's what to know," 18 Mar. 2018 What homeowners pay for private mortgage insurance is based on their credit and the size of their down payment. Susan Tompor, Detroit Free Press, "PMI tax deduction could mean bigger tax refund: Here's what to know," 17 Mar. 2018 How big your down payment needs to be depends on the home price and loan program. Michele Lerner, The Seattle Times, "Financial planning now can help reduce anxiety of buying a home," 10 Feb. 2018

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

1926, in the meaning defined above

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Statistics for down payment

Last Updated

29 Oct 2018

Look-up Popularity

Time Traveler for down payment

The first known use of down payment was in 1926

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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

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