down payment Definition and Meaning
Pronunciation: /daʊn ˈpeɪmənt/
Part of speech: noun
Definitions of down payment
- 1. a partial payment made at the time of purchase, with the balance to be paid later.
Example:
The couple made a down payment on their new house.
Synonyms for down payment
Antonyms for down payment
Etymology
The term 'down payment' combines 'down', meaning a part of something, and 'payment', which originates from the Latin 'pāmentum', meaning 'to pay'.
Examples of down payment in a Sentence
She saved for years to afford the down payment on her dream home.
The bank required a 20% down payment for the mortgage.
He was unable to make a down payment, so he had to delay his purchase.
Phrases Using down payment
- make a down payment
- to pay a portion of the total price upfront.
- down payment assistance
- financial help provided to cover the down payment on a purchase.
- minimum down payment
- the least amount required to be paid upfront.
Word Forms
Usage
- region
- US
- formality
- neutral
- frequency
- common