Prepayment
Definition
A payment made by the borrower over and above the scheduled mortgage payment. If the additional payment pays off the entire balance it is a "prepayment in full"; otherwise, it is a "partial prepayment." For articles on prepayment, see Mortgage Prepayment (Paying Off Early).
Related Terms Other terms related to 'Prepayment' starting with the letter 'P' Private mortgage insurance, PMI, Per diem interest, Principal limit, Permanent buydown Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 