Multifamily Prepayment Penalty Calculator
It is the responsibility of the Seller/Servicer to verify all loan terms and stipulations contained in the Note and/or Loan Agreement. This program calculates the amount of a prepayment penalty on a multi-family loan under the following 2 conditions only:
- Prepayment is allowed per the Note and/or loan agreement.
- The prepayment penalty clause is the following: penalty is equal to five percent (5%) of the amount of such prepayment; which said prepayment penalty or charge shall decline .083% (.00083) for each full month of the loan beginning from the date of the Note so that after five (5) years from such date hereof, there shall be no prepayment penalty or charge.