Definition of Down payment
a deposit of money made as a first installment toward the whole purchase price
Examples of Down payment in a sentence
Matilda put her down payment of $500 for her first car at the dealership and drove her new car off the lof planning on paying the rest in monthly installments. 🔊
Once the young couple signed the housing documents and wrote a check for the down payment, they only had 360 more months of payments until their mortgage would be over. 🔊
Even if you don’t have all the money for an expensive purchase, you can make a down payment of about 15% of the total cost and pay off the rest later. 🔊
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