Prepayment Penalty Calculator

Use our Prepayment Penalty Calculator to estimate what your lender could charge for paying off a loan early, and whether paying it makes sense.

Enter the balance and choose the method in your contract — a percentage of the balance, a number of months of interest, a percentage that steps down each year, or a fixed fee.

If you are paying off or refinancing to lower your monthly payments, add the monthly saving and any other costs to see how many months it takes to win back the penalty, and your overall gain over the time you expect to keep the new loan.

Whether a penalty is allowed, and how it is worked out, depends on your contract and the law where you live. To see the full amount needed to pay off a loan early, use our Early Settlement Calculator; to see whether a new loan would save you money, our Loan Refinance Calculator.