Definition

1. Noun:
   • A partial payment made at the time of purchase; the balance to be paid later: A "down payment" is an initial, upfront sum of money paid when buying something expensive, typically a house or a car. The remaining cost is then paid over time, often through a loan or installments.

Usage

• The term "down payment" is used to describe the first payment in a purchase agreement that secures the item and reduces the total amount to be financed.
• It is commonly associated with major purchases like real estate (e.g., "make a down payment on a house") and vehicles.
• It functions as a countable noun (e.g., "a down payment," "the down payment").

Examples

• Noun:
  • We saved for years to make a 20% down payment on our new home.
  • The car dealership requires a minimum down payment of $5,000.
  • She couldn't afford the down payment, so she decided to keep renting.

Advanced Usage

• "To put a down payment on something": To make the initial payment to secure a purchase.
  • They put a down payment on the apartment to take it off the market.
• "Substantial/sizeable down payment": Emphasizes a large initial payment.
  • A larger down payment can lead to lower monthly mortgage payments.

Variants and Related Words

• Deposit (noun): A sum paid as a first installment to secure a purchase or service. (Note: A "deposit" can be more general and sometimes refundable, while a "down payment" is typically non-refundable and part of the purchase price.)
• Advance payment (noun phrase): A payment made before a service is completed or goods are delivered.
• Initial payment (noun phrase): A synonym often used interchangeably with "down payment."

Synonyms

• Deposit: A sum paid as a first installment.
• Earnest money: A deposit made to show good faith in a real estate transaction.
• Front money: Informal term for money paid in advance.

Related Phrases

• "Make a down payment": The standard phrase for completing this action.
  • You will need to make a down payment before the loan is approved.
• "Down payment assistance": Programs or aid designed to help buyers afford the initial payment.
  • They qualified for a state down payment assistance program.

Noun

1. a partial payment made at the time of purchase; the balance to be paid later