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Correct me if I am wrong, but you are saying, leaving money in current account is considered as over paid and shortens the length of the mortage. I agree. But is that all? If I overpay say 10K to a 200K mortgage, I now owe 190K and I would need to pay interest on that from now on, which should be better than paying interest for 200K?!
Sorry, a bit slow here!
165k over 22 years - €944 per month
So the CAM is costing me €15 per month in the first year only but with approx 8-10k in the current account I should save €400 a year in interest.
(€10,000 x 4% = €400 interest saving!)
That is right, isn't it
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