Has anyone paid off a mortgage early in Taiwan? How does it work?

Business Money
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This is the kind of thing I should probably have learned about in high school, but either never learned or have forgotten: is it typically possible to pay off a mortgage early, or at least pay it down? If so, how does that work in Taiwan?

Right now we’re more than halfway through a 20-year mortgage, with interest rates that have gradually drifted downward over the years. But I’ve also got a decent chunk in the bank, and with interest rates and the stock market currently the way they are, heck, it’s not as if there’s much else that seems good to do with the money (oops on not buying right after the initial Covid crash, but oh well). It’d be nice to take those nine years remaining and reduce them to four, or perhaps lop a lot off the monthly payments. Has anyone done this sort of thing here, and if so, what was involved? How do the calculations on balance remaining vs future interest payments work out?

Thanks!

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It depends on the sums involved, you need to provide us with remaining principle, current margin + the reference rate, the amount you have at hand to pay down the loan to be able to make the calculation

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The mortgages we had could be paid in full after the first year. No penalty.

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FYI

PDF file in Chinese
Each banks penalty rate


各銀行辦理各項消費性貸款提前清償違約金收費標準彙整表

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Banks are using penalties to prevent people refinancing their loans with lower rates.

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Thanks @tando
Constructive and helpful contribution as always

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