down payment

Meanings

• noun

  A partial payment made upfront towards the purchase price of an asset or property.

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Synonyms

deposit

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Variants

List of all variants of down payment that leads to same result
down payment , down payments

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Etymology

origin and the way in which meanings have changed throughout history.

The term 'down payment' originated from the Old English term 'down', which means 'descend' or 'settle', and 'payment', which means 'money paid'. The term refers to the act of settling a purchase with an initial payment.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Did you know that the size of a typical down payment for a first-time homebuyer in the United States is around 6% of the purchase price?

2. The largest down payment ever recorded was for a luxury penthouse in London, which required a payment of £120 million (around $160 million USD)!

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. earnest money: A type of down payment commonly used in real estate transactions where the buyer's deposit is held in an escrow account to show their commitment to the purchase.

2. equity: The portion of a property's value that the owner has paid for, which is represented by the down payment and any mortgage payments made.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

In many cultures, making a down payment is seen as a sign of commitment and responsibility. In literature, the concept of a down payment is often used as a metaphor for making an initial investment or commitment to something.

How to Memorize "down payment"

1. visualize
   

   - Visualize making a payment towards a purchase, such as handing over a check or using a credit card.

2. associate
   

   - Associate the term 'down payment' with the idea of making an initial investment or commitment to a purchase.

3. mnemonics
   

   - Use the mnemonic 'Down means Dollars Paid Upfront' to help remember the meaning of down payment.

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