An additional fee a lender may charge if a borrower pays off all or part of the loan balance before a period chosen by the lender or before the loan is due. This process is called as Prepayment Penalty.
Prepayment Penalty Definition:
An additional fee a lender may charge if a borrower pays off all or part of the loan balance before a period chosen by the lender or before the loan is due.
This tool will help you dynamically to calculate the financial pre-payment penalty. Calculating Mortgage is made easier.
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