Definition of down payment in US English:

down payment

noun

  • An initial payment made when something is bought on credit.

    • ‘You may need money for down payment only or for down payments and few additional installments too.’
    • ‘We have mortgage insurance on less than 20% initial down payments and mortgage pool insurance on many of the others.’
    • ‘A turnkey package would be offered in return for a down payment and a share of the profits.’
    • ‘In fact, a higher down payment on the larger property allows you to finance the exact amount of mortgage loan you can afford.’
    • ‘This money helps first-time home buyers - people with very little income or with limited income - to get down payments to get into houses.’
    • ‘If you're not ready this year, start by fixing your credit and saving small amounts toward your down payment.’
    • ‘The Jacobses found a federally funded program that helped them with their down payment.’
    • ‘The goal is two-fold: to increase her retirement savings and to increase savings for a down payment on a home.’
    • ‘He already had the initial down payment on this job, another $500,000, in one of his accounts.’
    • ‘We used that money to make down payments on two more similar properties.’
    • ‘Companies are also building cash in ways that don't show up in profits, including such maneuvers as cutting inventories, demanding quicker payment from customers, and slowing down payments to suppliers.’
    • ‘That compares with the 20% down payments common just a few years ago.’
    • ‘Of those in the unwilling category, 31.3% thought the down payments were so high they might as well pay full price.’
    • ‘The report also said continued auto-promotion campaigns featuring low interest rates, low down payments and long installment periods also contributed.’
    • ‘Take out a mortgage with a small down payment and a low adjustable rate.’
    • ‘But details of how big the initial down payment will be, and how fast the total will rise, have yet to be decided.’
    • ‘The Alternative State Income Mortgage is for self-employed borrowers with high credit quality and large down payments.’
    • ‘My down payment was my first month's pay cheque.’
    • ‘If you agree to assume those liabilities however, you can reduce your out-of-pocket down payment by that much.’
    • ‘On June 13, the People's Bank of China issued a circular, saying commercial banks should limit lending to real estate developers, beef-up credit management and increase down payments to be paid by buyers of second or luxury homes.’
    part payment, advance payment, prepayment, instalment, security, retainer, pledge, stake
    View synonyms

Pronunciation

down payment

/ˈˌdaʊn ˈˌpeɪmənt//ˈˌdoun ˈˌpāmənt/