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- Dictionarydown payment
noun
- 1. an initial payment made when something is bought on credit: "it had taken their savings to make the down payment on a house"
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Aug 26, 2024 · A down payment is a sum a buyer pays upfront when purchasing an expensive good such as a home or car. It represents a percentage of the total purchase price, and the balance is usually...
DOWN PAYMENT definition: 1. an amount of money that you pay at the time that you buy something but is only a part of the…. Learn more.
Nov 30, 2023 · What is a down payment? A down payment is an initial, one-time payment you make when making a big purchase such as a home or car. You can use various methods like cash, check, credit card, or online transactions to pay it. This payment lowers the total amount you will need to borrow from a lender.
A down payment represents a sum of money that a buyer pays in the early stages of purchasing an expensive good or service. However, it also constitutes a portion of the total purchase price. For example, for a home costing $500,000, a $100,000 down payment will reduce the liability to $400,000.
DOWN PAYMENT meaning: 1. an amount of money that you pay at the time that you buy something but is only a part of the…. Learn more.
The meaning of DOWN PAYMENT is a part of the full price paid at the time of purchase or delivery with the balance to be paid later; broadly : the first step in a process. How to use down payment in a sentence.
In accounting, a down payment (also called a deposit in British English) is an initial up-front partial payment for the purchase of expensive goods or services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction .
Oct 1, 2024 · A down payment is the upfront portion of a purchase, typically made when buying significant assets like homes or cars. It reduces the amount of financing needed and can influence both the interest paid over time and the monthly payments.
If you make a down payment on something, you pay only a percentage of the total cost when you buy it. You then finish paying for it later, usually by paying a certain amount every month.
Jul 12, 2019 · What is a Down Payment? A down payment is the initial payment a borrower puts toward a large purchase, and is usually a specified percentage of the total purchase price.
