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Planning to repay your credit early? See if it pays to cut the term or the monthly payment

Have money set aside to pay down your Mortgage, car loan or a Personal Credit? Find out how much the fee costs, how much interest you save and which option best fits your goal.
  • Credit Intermediary and Insurance Mediator registered with BdP and ASF
  • With the legal rules on early repayment fees
  • Intermediation service at no cost to you
Type of credit

Three questions to see if it pays off

€

years

€

How we calculate

We show how much interest you save if you pay back part of the capital now, after paying the commission.

  1. We calculate the commission

    On a mortgage, the maximum commission depends on whether the rate is variable or fixed. On consumer credit, it depends on the time remaining. Stamp Duty on the commission is added.Legal rule · DL n.º 74-A/2017, art.º 23.º; DL n.º 133/2009, art.º 19.º

  2. We compare the two ways to repay

    Lower the instalment or shorten the term, always at the same rate as your loan.Your data

  3. We give you the balance

    Interest you no longer pay minus the commission. Alongside, we show what that money would earn invested at a hypothetical return.Assumption

Illustrative cases

Illustration: Filipe and Beatriz
Illustrative example

Cutting the term saves more. Keeping a safety buffer comes first.

Filipe and Beatriz were going to put all their savings into the Mortgage. They kept a safety buffer and repaid the rest.They bought a two-bedroom apartment in Amadora in 2022 and still owe €210,000, at a variable rate, with 31 years to go. They saved up €32,000 and wanted to repay everything. Before talking to the bank, they ran a simulation: with 6 months of expenses set aside (€12,000), they had €20,000 left to repay, with a commission of €104.
  • Amadora
  • 36 and 34 years old
  • 31 years to go
  • Variable rate, 3.50%
  • Monthly payment of €926
  • Life Insurance: €38/month
With €20,000
With €20,000EffectNet savings
Reduce the monthly payment−€88/month€12,696
Shorten the term (chosen option)4 years and 10 months earlier€34,169

End of the loan 4 years and 10 months

Interest saved€34,169

Interest saved€34,169already including the commission of €104
End of the loan4 years and 10 monthsearlier, with the same monthly payment
Safety buffer kept€12,0006 months of expenses · Life Insurance about −€4/month
Representative example
TAEG
4.10%
Variable TAN
3.50%
MTIC
€366,373.93
Mortgage of €210,000.00 over 31 years, secured by a deed of trust: 372 monthly payments of €925.84, plus Life and Multi-risk Insurance of €53.00 per month, required to obtain the credit under these conditions. Variable TAN of 3.50%: 6‑month Euribor of 2.922% (average for September 2026) + spread of 0.578%. APR (TAEG) of 4.10%. Total cost of credit of €156,373.93; total amount payable by the consumer (MTIC) of €366,373.93. The APR (TAEG) and MTIC include the insurance, initial fees of €988.00 (including Stamp Duty of 4%) and Stamp Duty of €1,260.00 on the principal. Interest exempt from Stamp Duty (art. 7 of the CIS). Values calculated by the simulator, with the rate remaining constant throughout the entire term. They do not correspond to the offer of any credit institution; binding conditions are set out in the European Standardised Information Sheet (FINE). Banco de Portugal Notice no. 5/2024.
Illustrative case: characters, amounts and conditions are fictional. Amounts calculated by the simulator using the rate of 3.50% (assumption, not a credit offer), the maximum legal commission of 0.5% on variable-rate loans, plus Stamp Duty, and a constant rate until the end of the term.
Illustration: Luísa
Illustrative example

Sometimes lowering the monthly payment matters more than saving interest

Luísa was going to use her bonus to pay off the car earlier. She chose to lower the monthly payment instead.She is 29, a designer, and lives in Odivelas. She owes €13,800 on her car loan, at a fixed rate, with 5 years to go. She received a bonus of €5,000, is keeping a safety buffer of €8,000 and wants to buy a home next year. Since she will apply for a Mortgage, she chose the option that eases her debt-to-income ratio.
  • Odivelas
  • 29 years old
  • Car loan
  • Fixed rate, 8.00%
  • 5 years to go
With €5,000
With €5,000EffectNet savings
Shorten the term2 years earlier€1,929
Reduce the monthly payment (chosen option)−€101/month€1,100

Car monthly payment −€101/month

Interest and tax saved€1,100

Car monthly payment−€101/monthfrom €280 to €178
Interest and tax saved€1,100already including the commission
Commission paid€260.5% of €5,000, with Stamp Duty
Representative example
TAEG
9.47%
Fixed TAN
8.00%
MTIC
€17,151.04
Credit of €13,800.00 over 5 years: 60 monthly payments of €279.81. Fixed TAN of 8.00%. TAEG of 9.47%. Total cost of credit of €3,351.04; total amount payable by the consumer (MTIC) of €17,151.04. The TAEG and MTIC include Stamp Duty of 1.76% on the credit amount (€242.88) and of 4% on the interest; no fees. Values calculated by the simulator. They do not correspond to the offer of any credit institution; binding conditions are set out in the European Standardised Information on Consumer Credit. Banco de Portugal Notice no. 5/2024.
Illustrative example: character, amounts and conditions are fictitious. Figures calculated by the simulator using the fixed rate of 8.00% (assumption, not a credit offer), the maximum legal commission of 0.5%, plus Stamp Duty, and 4% of Stamp Duty on the interest.
*Illustrative, non-binding example, with values that are merely indicative and subject to confirmation. This does not constitute a credit offer and does not replace an assessment of each client’s personal and financial situation, nor the approval of the lending credit institution. CrediSegur (CRRF Brokerage, Lda.) — Tied Credit Intermediary registered with Banco de Portugal under no. 0001290.

Myths

  • Myth“The bank can refuse to let me repay early.”Repaying early is your right. You only have to give the notice required by law.What to do: send the request in writing and keep proof of the date.Source: DL n.º 74-A/2017, art.º 23.º; DL n.º 133/2009, art.º 19.º
  • Myth“The commission is always 2%.”That is the maximum on a fixed-rate mortgage. On a variable rate the maximum is much lower. On variable-rate consumer credit there is no commission.What to do: check the rate type in your contract.Source: DL n.º 74-A/2017, art.º 23.º; DL n.º 133/2009, art.º 19.º
  • Truth“Shortening the term saves more interest than lowering the instalment.”With the same amount and the same rate, shortening the term saves more interest. Lowering the instalment gives you more breathing room every month.What to do: choose according to your goal: monthly breathing room or finishing sooner.Source: simulator calculation

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Frequently asked questions

Yes. The law gives you the right to repay early, in full or in part, with no minimum amount. You must notify the bank in writing: for a Mortgage, a partial repayment is made on an instalment due date, with 7 business days’ notice, and full repayment can be done at any time, with 10 business days’ notice; for Consumer Credit, you notify the bank 30 days in advance.
For a Mortgage, the bank can charge up to 0.5% of the repaid amount on a variable rate and up to 2% on a fixed rate (and during the fixed period of a mixed rate). For Consumer Credit, there is only a commission on fixed rates: up to 0.5% with more than one year left to pay and up to 0.25% with one year or less, never more than the interest you would still pay. On top of the commission, 4% of Stamp Duty is added.
Reducing the term always saves more interest: you keep the same monthly payment and finish earlier. Reducing the monthly payment saves less, but gives you more room in your budget every month and improves your debt-to-income ratio, which matters if you plan to apply for a new credit. The simulator shows both options with your numbers.
The temporary exemption from the commission on variable-rate Mortgages ended on December 31, 2025. Today, the bank can charge up to 0.5% of the repaid amount on a variable rate, plus Stamp Duty.
As a rule, yes: the premium of the Life Insurance linked to the credit follows the outstanding principal. When you repay, the principal goes down and the premium does too. The simulator estimates this decrease proportionally, without taking age into account; confirm the amount with the insurer.
Yes. For a Mortgage, there is no commission when the early repayment results from morte, desemprego ou deslocação profissional. For Consumer Credit, there is no commission on variable rates, nor when the early repayment results from acionamento de um seguro.
Official data verified on 10/20/2026 · Sources: Diário da República, Autoridade Tributária, Banco de Portugal, Segurança Social, Assembleia da República · see sources
Important note: Informative simulation, based on the figures you provide. The interest rate is an assumption and not an offer from any credit institution. The commissions considered are the maximum legal limits (DL n.º 74-A/2017, art.º 23.º for Mortgages and DL n.º 133/2009, art.º 19.º for Consumer Credit), plus Stamp Duty. The bank will determine the exact amount on the repayment date. Calculations assume constant instalments, a rate that stays the same until the end and Life Insurance proportional to the outstanding principal, without the effect of age. CRRF – BROKERAGE, LDA (CrediSegur) is a tied Credit Intermediary registered with Banco de Portugal (no. 0001290) and an Insurance Mediator registered with the ASF (no. 421571530); it does not charge fees for credit intermediation.