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English definition of “overpay”

overpay

verb     /ˌəʊvəˈpeɪ/ (overpaying, overpaid, overpaid)
[I or T] FINANCE, BANKING to make bigger payments than originally agreed when paying back a loan, in order to reduce the cost of the loan: If you budget to overpay your mortgage on a regular basis, you can save a lot of money. These loans allow you to overpay at any time.overpay on sth We use any spare money to overpay on our mortgage.
[I or T] TAX, COMMERCE to pay more than is necessary or more than the value of something: Some part-time workers will overpay tax and will need to claim a rebate.overpay for sth He said they did not overpay for the land based on comparable sales in the area.
[T often passive] HR, COMMERCE to pay someone too much: overpay sb by $50/10% etc I felt I should tell my boss she'd overpaid me by $100.overpay sb for sth He claimed the deal would overpay the company for its electrical transmission grid.
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(Definition of overpay verb from the Cambridge Business English Dictionary © Cambridge University Press)
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