Loan Prepayment Fee Calculator — Early Repayment Penalty
CalculatorA prepayment fee calculator estimates the early repayment fee as repaid amount × fee rate × (remaining days ÷ total loan days), the sliding method commonly used by Korean banks.
What is it
A prepayment fee is what a lender charges when you repay a loan before maturity. Most Korean bank loans use a sliding formula where the fee shrinks as the remaining term shortens, and the fee is typically waived after three years from drawdown. Rates and formulas vary by bank, product, and contract, so this result is a simulation; check your loan agreement for the exact amount.
How to use
- 1Enter the amount you plan to repay early.
- 2Enter the prepayment fee rate (%) from your loan agreement.
- 3Enter the remaining days and total loan period in days, then check the fee.
Reference
| Repaid amount | Fee rate | Remaining days | Loan period | Fee (approx.) |
|---|---|---|---|---|
| 10000000 | 1.4% | 365 | 1,095 days (3y) | 46667 |
| 20000000 | 1.2% | 182 | 730 days (2y) | 59836 |
Sources & standards
- FINE — financial product comparison portal - Financial Supervisory Service (금융감독원)
- Korea Federation of Banks consumer portal - Korea Federation of Banks (은행연합회)
FAQ
What is the fee for prepaying 10,000,000 at a 1.4% rate with 365 of 1,095 days remaining?
10,000,000 × 1.4% × (365 ÷ 1,095) ≈ 46,667.
Is the prepayment fee always charged?
No. Most Korean bank loans waive the fee after three years, and many products allow a portion to be repaid each year without a fee. The exact rule depends on your loan contract.
Is prepayment fee calculator input sent to a server?
No. This tool runs in your browser and does not send input to a server.