Generally speaking, if there is a fixed interest rate and payment schedule with an amortization table, there is interest built into each payment and a penalty for paying it off early because you are depriving the masters of the shekels they were contractually counting on getting.
If it is variable rate or open loan, you may be able to pay it off without being charged interest ( like furniture stores that say get it now, don't pay until 2022 etc...though they usually charge a financing fee up front, and if you don't pay it off before that date in the future, some retroactively charge interest to the date of the purchase).
Generally speaking, if there is a fixed interest rate and payment schedule with an amortization table, there is interest built into each payment and a penalty for paying it off early because you are depriving the masters of the shekels they were contractually counting on getting.
If it is variable rate or open loan, you may be able to pay it off without being charged interest ( like furniture stores that say get it now, don't pay until 2022 etc...though they usually charge a financing fee up front, and if you don't pay it off before that date in the future, some retroactively charge interest to the date of the purchase).
(post is archived)