down payment — an initial payment made when something is bought on credit, with the balance to be paid later
Part of speech: NOUN
Definition: an initial payment made when something is bought on credit, with the balance to be paid later
Pronunciation (IPA): /daʊn ˈpeɪmənt/
Example Sentences
- He spent his entire lottery winnings as a down payment on a mansion, then realized he couldn't afford the monthly payments.
- The bank requires a 20% down payment for the mortgage loan.
- She used her wedding gift money as a down payment on a food truck, much to her mother-in-law's horror.
down payment
NOUN[/daʊn ˈpeɪmənt/]
an initial payment made when something is bought on credit, with the balance to be paid later
She hands over a thick envelope as the down payment for her first apartment.
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🎤Pronunciation
🌳Etymology
Origin
Down payment is a compound formed from the English words 'down' (meaning immediately or downward) and 'payment' (meaning a sum of money paid). The phrase originally referred to money put down immediately at the time of a transaction, eventually becoming the standard term for an initial partial payment made upon entering into a contract or purchase agreement.
Breakdown
down (immediately; downward) + payment (payment, sum of money paid). The compound combines the sense of immediacy or placing money down with the concept of a monetary transaction, creating the meaning of an initial deposit or advance payment.
🎵Rhyme
🔗Collocations
📝Examples
“He spent his entire lottery winnings as a down payment on a mansion, then realized he couldn't afford the monthly payments.”
“The bank requires a 20% down payment for the mortgage loan.”
“She used her wedding gift money as a down payment on a food truck, much to her mother-in-law's horror.”
“First-time homebuyers often struggle to save enough for a down payment.”
📚Related Words
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