Before Christmas My Bank Told Me If I Was To Pay Off My Mortgage Now It Would Cost Me 22k. I Would Be Saving E3000 Doing So. I Pay E95 Per.week And Have 6 Yrs. Left.
Is It Worth Paying 22k Now To Save 3000?
Would you be paying penalties if you repaid it now?
Plugging your numbers into Karl Jeacle's Mortgage Calculator implies that you're on an interest rate of 7.5% if your principal is 22k and you're making weekly payments of E95 (I haven't heard of weekly payments on a mortgage before) with 6 years to go.
Also 312 (= 52 * 6) payments of E95 = EUR 29,640. That implies a much greater saving if you repaid now.
These numbers seem suspect because of the high implied interest rate, the weekly repayment and the apparent
understatement of the savings you would make.