Mortgage Without Prepayment Penalty’s mortgage penalty calculator captures your required inputs, determines your prepayment penalty and shows you the corresponding calculations for the curious mathematicians out there. For a more detailed article on determining your penalty, please visit our costs of refinance page.

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Prepayment Penalty. By Investopedia Staff. A prepayment penalty is a clause in a mortgage contract stating that a penalty will be assessed if the mortgage is paid down or paid off within a certain time period. The penalty is based on a percentage of the remaining mortgage balance or a certain number of months’ worth of interest.

If I break the mortgage and stay with you, will you forgive a percentage of my penalty or apply unused prepayment privileges, to reduce my penalty?. Can I increase my mortgage without a penalty?

But if you have a 7% mortgage, then every dollar you prepay gives you a 7% return.. is taxable, while interest you save by prepaying your mortgage is not.. that your mortgage argreement requires any kind of prepayment penalty, but it.

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A $4,000 prepayment penalty may be less palatable if you plan to move in a year or two, before you can reap savings from refinancing a loan. Or, you may simply not have the cash. 4.

If you aren’t offered a loan without a prepayment penalty, ask the lender for a quote on a similar loan without one so that you can compare options. For certain mortgages, you have the right to receive an alternative offer without a prepayment penalty if you receive an offer with a prepayment penalty.

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In other words, a soft prepayment penalty will let you sell your house whenever you choose to without a penalty. But a soft prepayment penalty will still penalize you if you refinance the mortgage of that home. On the other hand, hard prepayment penalties apply both to selling your home and refinancing it alike.