How will prepaying change my loan?
Definition:
Mortgage Prepayment. Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized. Some institutions charge a prepayment penalty, a fee which may be charged to a borrower who pays off a loan before it is due.
The following calculator will assist you in determining if prepaying your mortgage
is right for you. Change the sample data below with your data and hit Calculate! Will also calculate credit card data.
|
