🏦 Prepayment Penalty Calculator

How to use

1. Choose whether to calculate by dates or by number of days using the tabs.
2. Enter the amount you plan to prepay and the prepayment fee rate (%) your bank quoted you.
3. For the date method, enter the loan origination date, the payoff date, and the penalty period in years; for the days method, enter the penalty period and the days elapsed.
4. Review the estimated fee, days elapsed, and days remaining until the penalty is waived, then use the Copy button to save the results if you need them.

FAQ

Could the calculated fee differ from what my bank actually charges?

Yes. This calculator uses the standard sliding-scale formula most banks apply (payoff amount × fee rate × remaining days ÷ penalty period), but the exact amount can vary with each bank's product terms or minimum-fee rules. Confirm the final figure with your lender.

Why does the fee drop to zero after three years?

In Korea, most consumer loan products waive the prepayment penalty entirely once three years (1,095 days) have passed since the loan contract date. Set the penalty period in years to match your own loan agreement and the calculator will use that instead.

Should I use the date method or the days method?

If you know your origination and payoff dates exactly, the date method is easier. If your loan paperwork already states the number of days elapsed or the penalty period in days, entering those directly is faster.