Glossary
Prepayment
Paying off a loan earlier than scheduled
Prepayment is paying off a loan ahead of schedule to save on remaining interest. It cuts interest, but some loans charge a prepayment fee, so check that first.
Glossary
Paying off a loan earlier than scheduled
Prepayment is paying off a loan ahead of schedule to save on remaining interest. It cuts interest, but some loans charge a prepayment fee, so check that first.