down payment

noun

Pronunciation: ˈdaʊn ˌpeɪmənt

Definition

An initial partial payment made at the time of purchase, with the remainder of the balance to be paid later, often through installments or a loan.

Examples

• We saved for three years to afford the down payment on our first house.

• The car dealership requires a significant down payment if your credit score is low.

• He used his inheritance to cover the down payment on a small apartment in the city.

Synonyms of down payment

Words with a similar meaning to down payment:

• deposit
• initial payment
• upfront payment
• earnest money

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