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YIELD MAINTENANCE CALCULATOR

Yield maintenance is a type of prepayment penalty that ensures lenders receive a
comparable yield when a loan is paid early. Calculate yield maintenance for your
multifamily loan here.

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Power of Choice.
See Your Quotes Here →$1.2M offered by a Bank at 6.0%$2M offered by an Agency at
5.6%$1.4M offered by a Credit Union at 6.1%Reveal Your Quotes Now!
In this article:
 1. What Is Yield Maintenance?
 2. Yield Maintenance Calculator
 3. How to Calculate Yield Maintenance
 4. Yield Maintenance vs. Other Prepayment Penalties
    
 5. Get Financing


WHAT IS YIELD MAINTENANCE?

Yield maintenance is a type of prepayment penalty like defeasance or step-down
prepayment. It ensures lenders receive a yield from the prepayment of a loan
similar to the yield if the loan was paid through maturity. Yield maintenance
clauses typically require that a borrower pays the difference between the
interest rate on the loan and the standing market interest rate on the prepaid
capital (up to the loan’s maturity date) as a prepayment penalty.


YIELD MAINTENANCE CALCULATOR

Original Loan Terms
Loan Amount
Term to Maturity (months)
Amortization Term (months)
Interest Rate (%)
Prepayment Terms
Time Remaining to Maturity (months)
Minimum Prepayment Penalty (%)
Equivalent Yield of Remaining Term Treasury (%)


 * PREPAYMENT PENALTY
   
   $185,308
 * 


HOW TO CALCULATE YIELD MAINTENANCE

The formula for yield maintenance is:

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Yield Maintenance = Present Value of Remaining Mortgage Payments x (Interest
Rate - Treasury Yield*)

*Treasury yield = The current Treasury rate on new debt with the same maturity
date as the original loan.


YIELD MAINTENANCE VS. OTHER PREPAYMENT PENALTIES

In multifamily finance, prepayment risk is often handled through one of three
methods: yield maintenance, step-down prepayment, or defeasance. Each method
compensates lenders via different means should a borrower pay a loan off before
it matures.

Defeasance is more complex than yield maintenance. It involves swapping the
loan's collateral with interest-yielding financial instruments of relative
value.

Step-down prepayment requires a borrower to pay a percent of a loan's
outstanding balance if paid early. The percentage gradually steps down over a
fixed period of time.

In this article:
 1. What Is Yield Maintenance?
 2. Yield Maintenance Calculator
 3. How to Calculate Yield Maintenance
 4. Yield Maintenance vs. Other Prepayment Penalties
    
 5. Get Financing


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