WTF is a 2–1 Buy down?

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Get the seller to pay part of your mortgage payment for the first two years. That’s a 2–1 buy down.

Basically the seller gives you a credit to cover the difference in payment between the note rate and 2% less in rate for the first year, moving to 1% less in rate the second year. This difference in payment is held in an escrow account with the lender and added to your payment each month.