Estimate Your Loan Pre-Payment Penalty
Mortgage Pre-Payment Penalty Calculator
Calculates a pre payment penalty amount.
Mortgage Pre-Payment Penalty = 1,100
Total Mortgage Pay-Off = 101,100
Pre-Payment Penalty Definition, Examples
A prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early.
If you have a prepayment penalty, you would have agreed to this when you closed on your home. Not all mortgages have a prepayment penalty.
A homeowner decides to pay off the mortgage with a remaining balance of $250,000 and there is a prepayment penalty of 4%.
Homeowner would pay $250,400 to the original lender for paying off the mortgage early.