miriammary
Registered User
- Messages
- 33
http://www.vertex42.com/ExcelTemplates/extra-payments.html
This spreadsheet could be useful in calculating the savings that you are making.
Ding ding that link didnt work - do you know of any others
I don't think the date really matters. If you put in writing to EBS they will increase the DD accordingly. Be clear with them that you want to increase your repayments off the capital amount. I have been overpaying this way for years and really makes a difference. Just be careful that you make it clear that at any stage you can simply revert to original payment/schedule by simply writing to them outlining same. Have this in writing as I had a lot of aggro when I wanted to change back (had posted extensively about this.... Sorted but after lot of unnecessary hassle ).
A better way to do it is to pay €1,000 in lump sum instalments a few times a year whenever you have the spare build up of cash,This way you do not have to make any adjustments to your orignal DD
Is this worthwile or is it just going off the interest
A better way to do it is to pay €1,000 in lump sum instalments a few times a year whenever you have the spare build up of cash,This way you do not have to make any adjustments to your orignal DD
But if the interest on your mortgage is calculated daily, as many are, then you're better off making your overpayments as frequently as you can, as you'll get the benefit of reduced interest.
One further question on this --does it make much difference financially if I use it to reduce the term or payments?? Is there a significant advantage money wise one way or the other? I'm thinking of reducing the payments??
My mortgage is with EBS and I intend overpaying a little each month off the amount I borrowed from now on
If EBS allow you to overpay without reducing the term, then you have the option of reducing the payments without going into arrears down the line. This is usually the preferred method as you never know what life holds over such a long period.
You seem to be suggesting overpaying but not paying this money off the mortgage. Instead you allow this money to build up in your mortage account in case you ever dont have the money to pay your monthly payment.
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