Prepayments on a mortgage reflect extra payments that can be made (in accordance with your mortgage terms) on your mortgage in addition to your regular required payments.

Prepayments help you yo pay off your mortgage faster as extra payments made go directly against the principal balance owing. This means that you can pay off your mortgage faster and save on interest costs.

There are several ways to make prepayments on your mortgage and the terms of your mortgage will outline which ones are available to you.