Loan with Prepayment penalty

[eetaylor]

What is the name of your state? ALabama

I have a loan and I am thinking of selling the house the penalty states:

If, within the first 24 months following the date of the Note and Security instrument, I make a full prepayment of partial prepayment, i will at teh same time make a prepayment charge. The charge will be equal to 6 months advance interest on the amount of any prepayment that, when added to all other amounts prepaid during the 12 month period immediatly preceeding the date of any prepayment, exceeds 20% of the originalprincipal amoutn of the note.

I really need to calculate this so any help would be appreciated.

Thanks in Advance.

[HomeGuru]

duplicate post.