overpay
verb
uk/ˌəʊvəˈpeɪ/ usoverpaying | 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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underpay