If you pay off the mortgage in advance, you don't have to pay the subsequent interest; In case of partial prepayment, the interest on the remaining loan will be recalculated, but the prepayment will require a prepayment penalty (or handling fee) of about 1%.

There are two ways to repay the mortgage in advance:

1, all paid off in advance.

It is not difficult for the borrower to pay off the loan in one lump sum. At this time, you can take the relevant materials to the Housing Authority to cancel the mortgage, and you will have full property rights of the house.

2. Repay part of the loan before the repayment period.

There are two kinds of loans that are repaid in advance before the repayment period: one is to shorten the repayment period by keeping the monthly repayment amount unchanged; First, the monthly repayment amount is reduced, and the repayment period remains unchanged. The advantage of the former is that it can reduce interest and save a sum of money; The advantage of the latter is that it can reduce the monthly payment and ease the repayment pressure.

3. The borrower can choose the way to repay the mortgage in advance according to his actual situation. When repaying the mortgage in advance, you may wish to consult the loan bank first.

Prepayment procedures:

1. Generally, prepayment requires an appointment with the bank. For details, please consult the relevant policies of the loan bank.

2. First check the requirements for prepayment in the loan contract, and pay attention to whether it is necessary to pay a certain penalty for prepayment.

3. Call the loan bank in advance to inquire about the application time and minimum repayment amount of the loan and other materials that need to be prepared.

4. Apply for prepayment in person to the relevant departments as required by the bank.

5. The borrower shall go through the relevant prepayment procedures at the borrowing bank with relevant certificates.

6. Submit the prepayment application form and deposit the prepayment in the counter.

Documents required for prepayment:

1, ID card, household registration book (home page, personal page and change page of household registration book) and their copies;

2. The spouse's ID card and household registration book (home page, personal page and change page of household registration book) and their copies;

3. Proof of marital status (marriage certificate or divorce certificate or unmarried certificate);

4. Property right certificate, house sales contract and loan contract;

5. Copy of repayment list or repayment passbook.