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.
Other words in the Money and Business category:
Most Searched Words (with Video)