downpayment

Upfront purchase portion

A downpayment is an initial partial payment toward a larger purchase, with the remainder to be paid later.

Most commonly used for real estate and vehicles: They saved for years to make a downpayment on a house.

The downpayment reduces the amount financed and demonstrates buyer commitment.

Also spelled as two words: down payment.

amount

deposit

Place for safekeeping

earnestSincerely intense in purpose
advanceMove or progress forward
percentageProportion out of hundred

minimum · portion · fraction · threshold · requirement · contribution · outlay · sum · funds · savings

finance

mortgage

Secured home loan

escrowConditional third-party deposit
amortizationGradual debt reduction schedule
interestAttention, stake, or fee

principal · loan · lender · borrower · underwriting · preapproval · appraisal · refinance · foreclosure · default

property

equity

Impartial treatment or ownership value

titleFormal honorific or name
deedWritten property conveyance
homeownerProperty title holder

residence · realty · asset · purchase · buyer · seller · closing · escrow · homebuying · househunting

Categories

Home Buyingmortgage, closing, closing costs, inspection, home inspection
prepaymentsdeposit, earnest money, advance, prepaid, holding deposit
HDBstudio apartment, maisonette, bomb shelter, utility room, town council

Opposites

payment timing and completeness

downpaymentfinal payment

Last sum owed

full payment · balloon payment · lump sum · remaining balance · payoff amount

financial obligation direction

downpaymentoutstanding debt

Money owed but unpaid

remainder · unpaid balance · debt · liability

payment timing/structure

downpaymentfinal payment

Last sum owed

balloon payment · remaining balance · installment · monthly payment · payoff

Family

payment, paying, pays, repayment, payer, payers, prepayment, repayments, prepayments

Familiarity: Top 200,000
Profile: Used worldwide · Timeless · Everyday, not technical · Rated G