Downpayment - Meaning, Definition & English Examples
A downpayment is an initial partial payment made when purchasing something expensive, like a house or car, to secure the item and reduce the total loan amount needed.
Definition:
An initial partial payment made when purchasing something, often to secure the item or service.
Synonyms:
deposit, advance payment, initial payment, installment
Part of Speech:
noun
Antonyms:
full payment, balance
Common Collocations:
make a downpayment, large downpayment, small downpayment, save for a downpayment
Derivatives:
downpayments (plural)
Usage Tips:
Use "downpayment" when referring to the first payment in a purchase agreement, typically for large items like homes or cars.
Common Phrases:
put down a downpayment, save up for a downpayment, make a hefty downpayment
Etymology:
Derived from "down" (partial) + "payment," first recorded in the early 20th century in commercial contexts.
Examples:
- 1. She saved for months to make a downpayment on her car.
- 2. The house requires a 20% downpayment before approval.
- 3. They couldn’t afford the downpayment on the apartment.
- 4. A smaller downpayment means higher monthly mortgage payments.