hesaplayıcı
Menu

Türkiye Loan Early Repayment Calculator: Payoff Amount

Rules and data: TürkiyeBy Hesaplayıcı

The loan early repayment calculator finds what you pay to close a Turkish bank loan on an installment day. Enter the loan amount, interest rate, term, tax rates and installments paid. The calculator shows the remaining principal, any legal early repayment fee, the sum of the remaining installments and the interest and tax you save.

The contractual rate of the bank, without KKDF and BSMV.

15% on consumer and vehicle loans. Usually 0 on housing loans.

15% on consumer and vehicle loans. 0 on housing loans of buyers who own no other registered house.

Include the installment paid on the payoff day.

Worked example: 100,000 TRY at 3% a month for 24 months, closed after 12 installments

Payoff amount

61,280.14 TRY

Remaining principal
61,280.14 TRY
Early repayment fee
0 TRY
Fee rate
0.00%
Sum of the remaining installments
77,900.46 TRY
Interest and tax saved
16,620.32 TRY
Installments left
12 months
Monthly installment
6,491.71 TRY
Step by step

  1. i = r × (1 + KKDF + BSMV)

    i = 3% × (1 + 15% + 15%) = 3.90%

  2. Monthly installment

    A = P × i / (1 − (1 + i)^(−n))

    A = 100,000 × 3.9% / (1 − (1 + 3.9%)^(−24)) = 6,491.71

  3. Remaining principal

    remaining principal = loan amount − principal repaid

    remaining principal = 100,000 − 38,719.86 = 61,280.14

  4. Early repayment fee

    early repayment fee = min(remaining principal × fee rate; interest discount)

    early repayment fee = min(61,280.14 × 0%; 16,620.32) = 0

  5. Payoff amount

    payoff amount = remaining principal + early repayment fee

    payoff amount = 61,280.14 + 0 = 61,280.14

  6. Sum of the remaining installments

    remaining installments = sum of the remaining installments

    remaining installments = 6,491.71 × 11 + 6,491.65 = 77,900.46

  7. Interest and tax saved

    saving = remaining installments − payoff amount

    saving = 77,900.46 − 61,280.14 = 16,620.32

finance.early-repayment.tr

How to use

  1. Enter the Loan amount, Interest rate, Rate period and Term from your loan contract.
  2. Check the KKDF rate and the BSMV rate. Both are 15% on personal and vehicle loans; on housing loans both are usually 0.
  3. Enter the Installments paid, including the one paid on the payoff day.
  4. Choose your loan type in Early repayment fee: no fee for consumer loans and variable-rate housing loans, the legal maximum for fixed-rate housing loans.
  5. Press Calculate.

Formula

  • Remaining principal = loan amount − principal repaid in the installments paid
  • Early repayment fee = min(remaining principal × fee rate; interest discount)
  • Payoff amount = remaining principal + early repayment fee
  • Saving = sum of the remaining installments − payoff amount

The payment plan is built as in the loan calculator: the installment uses the monthly rate with KKDF and BSMV added, and part of each installment repays principal. The fee rate is 0 on consumer loans; on fixed-rate housing loans it is 1% when 36 months or less remain and 2% when more remain. The interest discount is the interest, KKDF and BSMV in the remaining installments.

Worked example

The worked example on this page shows a 100,000 TRY personal loan at 3% a month for 24 months, closed after 12 installments. It is a consumer loan, so there is no fee. The steps give the remaining principal, the payoff amount, the sum of the remaining installments and the saving.

Limits

The calculator assumes the loan is closed on an installment day; it does not add interest for the days between two installments. Partial prepayment is not calculated. A bank may set a fee below the legal maximum in the contract; the calculator shows the maximum. Fee and insurance refunds are left out. The payment plan is rounded to the kuruş; your bank’s plan can differ by a few kuruş.

Frequently Asked Questions

How much do I pay to close a Turkish loan early?

If you close the loan on an installment day, you pay the principal left after that day's installment. The interest, KKDF and BSMV of the remaining installments are not charged (Law 6502 art. 27).

Is there an early repayment fee on a personal loan?

No. The law provides no early repayment fee on consumer loans; the bank must deduct the interest and costs of the remaining term.

What is the early repayment fee on a housing loan?

On a fixed-rate housing loan the bank may charge at most 1% of the prepaid principal when 36 months or less remain, or 2% when more remain. The fee cannot exceed the interest discount; variable-rate loans carry no fee (Law 6502 art. 37).

What if I close the loan between two installment days?

Interest for the days since the last installment, and the taxes on it, are added to the payoff. The calculator assumes the loan is closed on an installment day.

Calculation rules

  • The payment plan is the same as in the loan calculator: the installment uses the monthly rate with KKDF and BSMV added, and amounts are rounded to the kuruş.
  • The loan is assumed to be closed on an installment day, after that day’s installment is paid. The payoff is the remaining principal; the interest, KKDF and BSMV of the remaining installments are not charged (Law 6502 art. 27; Consumer Credit Contracts Regulation art. 16). Between two installment days, interest and tax for the days since the last installment are added; the calculator does not compute them.
  • For consumer loans (personal, vehicle) the law provides no early repayment fee (Law 6502 art. 27).
  • For a fixed-rate housing loan the bank may charge at most 1% of the prepaid principal when 36 months or less remain, or 2% when more remain, and never more than the interest discount (Law 6502 art. 37/2; Housing Finance Contracts Regulation art. 11/4). The calculator applies that maximum. Variable-rate housing loans carry no fee.
  • Partial prepayment, late interest, fees and insurance refunds are not calculated.
Sources (3)

Terms

News

Topic