Definition, Meaning & Synonyms
initial-payment
noun
ɪˈnɪʃəl ˈpeɪmənt
Definition
The first payment made in a series of payments for a product, service, or loan.
Examples
- She made an initial payment of $500 to reserve the car.
- The initial payment on the mortgage is due at closing.
- After the initial payment, the remaining balance will be paid in monthly installments.
Meaning
Initial payment refers to the upfront amount that is paid before receiving a good or service or before a loan is disbursed.
Synonyms
- down payment
- advance payment
- deposit
