early payoff
Settling debt prematurely
Early payoff is paying off a loan or debt before its scheduled end date.
Borrowers seek early payoff to save on interest charges, though some lenders impose prepayment penalties to recoup lost interest income.
She made an early payoff on her car loan to avoid six more months of payments.
- prepaymentPayment made beforehand
- loanBorrowed money repaid later
- mortgageSecured home loan
- principalChief school administrator
- penaltyPunishment for wrongdoing
balance · debt · debt free · paydown · lump sum · refinance · prepayment penalty · interest · savings · freedom · amortization · closure · settlement · discharge · clearance · windfall · bonus · relief
- loan paymentsloan repayment, loan balance, installment, installment payments, prepayment
- auto loansauto loan, car loan, loan amount, loan term, interest rate
- credit termsloans, installment loan, credit limits, credit cards, interest rate
early payoffloan extension
Lengthened repayment period
late payment · deferred payment · payment deferral · balloon payment · refinancing
early payoffdefault
Preset standard option
loan default · defaulting · payment default · foreclosure · repossession
early payoffdelinquency
Criminal or neglectful behavior
missed payments · late payments · arrears · payment default · chronic lateness
early, earlier, earliest, payoff, paying, pays, payment, offset, offing