What is a down payment?

What is a down payment? Here are some definitions.

Noun (law, finance) A payment representing a fraction of the price of something being purchased, made to secure the right to continue making payments towards that purchase. (by extension) Any initial commitment signifying an intention to carry out a larger future commitment, even though no legal rights or obligations are secured. Find more words! 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You will be expected to make a significant down payment, with the balance by agreed instalments over a short period. In fact, a higher down payment on the larger property allows you to finance the exact amount of mortgage loan you can afford. To determine the amount of the wraparound mortgage, deduct your down payment from the purchase price. Their solicitor had already found a fully furnished house for rent in London, and made a down payment on it. If you're not ready this year, start by fixing your credit and saving small amounts toward your down payment. See Also What is another word for down payment? Sentences with the word down payment Words that rhyme with down payment What is the plural of down payment? Translations for down payment Nearby Definitions downpayment down pat down on one's uppers down on one's luck downness downmost downpayments down payments downpipe downpipes downplay downplayed