1.Lit. to make a deposit of money on a purchase. You will have to pay a lot of money down on a car that expensive. I only paid down a few thousand dollars.
2.Fig. to reduce a bill by paying part of it, usually periodically. I think I can pay the balance down by half in a few months. I will pay down the balance a little next month.
to reduce the total amount of money owed If this trend continues, the government could start paying down the national debt.We've got a big mortgage on the house and want to pay it down as quickly as we can.
Usage notes: most often used in connection with large debts