Generally those types of loans are a thing of the past. If your loan was originated within the last 4 years, the chances that you have a Prepayment Penalty is almost 0%, and any new residential mortgages written generally do not allow for these PPPâ€™s. You need to look at the Promissory Note and Mortgage you signed at closing to be sure. If a PPP exists, then it would be contained in the body of the note or on a Prepayment Penalty Rider. Even if a PPP requirements exists on your mortgage, it typically applies to principal payments made in excess of 20% of the total outstanding balance within a 12 month period, so some level of accelerated payment may be allowable without penalty.