Definition of "downpayment" [downpayment]

• Alternative form of down payment. (noun)

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• "Bush: Many people are able to afford a monthly mortgage payment but are unable to make the downpayment, and so this legislation will authorize $200 million per year in downpayment assistance to at least 40,000 low - income families."
• "A downpayment is the borrower's money acquired through careful financial planning and saving, gifts from family members, or from the profits gained at the sale of a previous home."
• "The school's headmaster says its success, a 100 percent pass rate and the government's emphasis on affirmative action at every level of society, has led to private sector scholarships, a kind of downpayment on well trained future black employees."