Should I Pay Off My Mortgage

T

Trampas

Guest
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?

Any Opinions And Happy New Year To All.
 
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.
 
GeneralZod

No penalty. Paying variable rate of about 11.5%, E356 per.month.
Sorry to mislead you by stating E95 per week.
 
Trampas, no problems at all.

If you're in a position to get rid of that mortgage I'd do it now.

That interest rate is on the sinister side of exploitative. It sounds more like a personal loan.
 
Trampas said:
GeneralZod

No penalty. Paying variable rate of about 11.5%, E356 per.month.
Sorry to mislead you by stating E95 per week.
Click to expand...

If you don't mind me asking how in the name of God did you manage to get a mortgage rate of 11.5% variable? Pay it off immediately by any means.
 
You must log in or register to reply here.
Back
Top