pre-payment
noun[CorU]
(alsoprepayment)ukusCOMMERCE
theactofpayingfor something before youreceiveit, or theamountof thepayment:
Sendyourorderwith pre-payment bycheque.
FINANCE
theactofpayingback all orpartof adebtbefore you have to:
People didn'tdiscovertheprepaymentpenaltiesuntil theytriedto refinancetheirloans.