Home & Housing

Down payment

daʊn ˈpeɪmənt

noun

What does Down payment mean?

The upfront cash portion when buying a home.

Example sentence

"We're saving for a 20% down payment."

American usage tip

Below 20% usually requires PMI insurance.

Related Home & Housing words

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Services like electricity, water, gas, internet.
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A home needing no repairs before living in it.
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A shallow space under a house.
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To rent your rental to someone else.
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Money held by the landlord against damage.
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A property advertised for sale or rent.
Sump pump
A pump that removes water from basements.
Basement
The floor below ground level.

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