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down payment Definition

☆ down payment

noun

an initial, partial payment on a purchase

down payment Finance Definition

An upfront payment that is made on an item that will be paid for over time, such as a house or a car. The down payment reduces the amount of money that needs to be borrowed, and thus decreases the monthly payment. For homes, typically down payments are equal to at least ten percent of the purchase price of a house; however, in some circumstances the down payment may be less.

down payment Usage Examples

Converse of object

  • require: For example, FHA loans require a smaller down payment.
  • put: Put Money Down: Always try to put a down payment with your loan.

Adjective modifier

small: For example, FHA loans require a smaller down payment.

Browse dictionary entries near down payment

  1. ‹ down on
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  3. ‹ down-home
  4. ‹ Down East
  5. ‹ down-bow
  6. ‹ down and out
  7. ‹ down-and-dirty
  8. ‹ down
  9. ‹ Dowland
  10. ‹ dowitcher
  1. down- ›
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  3. down round ›
  4. Down syndrome ›
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