Comments on: If a loan is paid off earlier, is the interest recalculated for the time of the loan life? http://www.refinance--blog.com/refinance/if-a-loan-is-paid-off-earlier-is-the-interest-recalculated-for-the-time-of-the-loan-life Refinance Information and Deals Sun, 20 May 2012 21:43:31 +0000 http://wordpress.org/?v=2.7 hourly 1 By: spanish butterfly http://www.refinance--blog.com/refinance/if-a-loan-is-paid-off-earlier-is-the-interest-recalculated-for-the-time-of-the-loan-life/comment-page-1#comment-1453 spanish butterfly Mon, 20 Jul 2009 03:03:44 +0000 http://refinance--blog.com/refinance/if-a-loan-is-paid-off-earlier-is-the-interest-recalculated-for-the-time-of-the-loan-life/#comment-1453 <a href="">Jon</a> interest is calculated on the balance up to the time you pay it off. It is based on the interest rate of your loan and the total principal balance at that time. They don't recalculate interest to make more from you. All the other interest you paid belongs to the lender you won't get that back. The best part of paying off a loan early is that you do avoid paying additional interest for the entire life of the loan.. only the interest you owed upto the time you pay it off.... Jon

interest is calculated on the balance up to the time you pay it off. It is based on the interest rate of your loan and the total principal balance at that time. They don’t recalculate interest to make more from you. All the other interest you paid belongs to the lender you won’t get that back. The best part of paying off a loan early is that you do avoid paying additional interest for the entire life of the loan.. only the interest you owed upto the time you pay it off….

]]> By: ckm1956 http://www.refinance--blog.com/refinance/if-a-loan-is-paid-off-earlier-is-the-interest-recalculated-for-the-time-of-the-loan-life/comment-page-1#comment-1452 ckm1956 Sat, 18 Jul 2009 01:11:57 +0000 http://refinance--blog.com/refinance/if-a-loan-is-paid-off-earlier-is-the-interest-recalculated-for-the-time-of-the-loan-life/#comment-1452 <a href="">Mike</a> It's lost. The interest you paid was for the "privilege" of having the money from the lender. Mike

It’s lost. The interest you paid was for the “privilege” of having the money from the lender.

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