# How to Prepay a Loan Account

This functionality makes it easy to prepay a loan account by paying off the entire amount and closing the loan account in one single step.

### To prepay the loan for a client:

To prepay a loan for a client, select the client. Click the **General** tab. 

1. Click the loan account for which the client wants to prepay the balance.
2. Click **Prepay Loan** from the Action Bar to see the following page with the payoff amount pre-populated summing up the total amount of principal and interest to pay of the loan as of that date. 
3. Enter the **Transaction Date, Transaction Amount, Payment Type** (mandatory fields) and **Note** (optional). 
4. Click **Submit**. This loan status will now be Closed paying off the amount due for principal and interest. 

![](https://mifosforge.jira.com/wiki/download/thumbnails/81723469/Prepay.jpg?version=1\&modificationDate=1504870646237\&cacheVersion=1\&api=v2\&width=850)

### Related articles

* Page:[Share Accounts](https://docs.mifos.org/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/share-accounts)
* Page:[How to Prepay a Loan Account](https://docs.mifos.org/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/loan-accounts/how-to-prepay-a-loan-account)
* Page:[Using collection sheet or other payment types for making payments](https://docs.mifos.org/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/loan-accounts/using-collection-sheet-or-other-payment-types-for-making-payments)
* Page:[How to Assign a Loan Officer](https://docs.mifos.org/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/loan-accounts/how-to-assign-a-loan-officer)
* Page:[How to Add a Charge to a Loan Account](https://docs.mifos.org/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/deposit-accounts/mifos-x-saving-accounts/how-to-add-a-charge-to-a-saving-account)