overpay

/ˌəʊvəˈpeɪ/ verb (overpaying, overpaid, overpaid)

Definition

› [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.

→ Compare underpay

(Definition of overpay verb from the Cambridge Business English Dictionary © Cambridge University Press)

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