Question

What is the word for when you pay off a loan early?

Answer 1

Partial Prepayments (or Paying Off Early) Making a payment larger than the fully amortizing payment as a way of retiring the loan before term. Making Extra Payments as an Investment: Suppose you add $100 to the scheduled mortgage payment. ... A prepayment penalty would reduce that yield.
Hope this helps you dear.
please mark it as brainliest.