02/08/2019 | EFT PAYMENT | 284.83 (Credit) | 251.17 (Interest) | 39,173.65 | |
02/07/2019 | EFT PAYMENT | 315.49 | 220.51 | 39,458.48 | |
05/06/2019 | EFT PAYMENT | 256.53 | 279.47 | 39,773.97 | |
02/05/2019 | EFT PAYMENT | 287.63 | 248.37 | 40,030.50 | |
02/04/2019 | EFT PAYMENT | 418.89 | 117.11 | 40,318.13 | |
19/03/2019 | INT WEB | 113.93 | 125.82 | 40,737.02 | |
04/03/2019 | EFT PAYMENT | 299.41 | 236.59 | 40,850.95 | |
04/02/2019 | EFT PAYMENT | 263.87 | 272.13 | 41,150.36 | |
03/01/2019 | EFT PAYMENT | 279.16 | 256.84 | 41,414.23 |
Why 40% of your payments are interest is not a meaningful question.
For something like this you should have gone for a mortgage top-up.
You'll pay a LOT more interest with a CU over 10 years.
See if you can switch.
Is this a Credit Union mortgage of 2.6%? I got 2.9% with CANA CUI have a 2.6% mortgage, and over 40% of my early repayments are interest.
I haven't time now for a longer reply.
Stick your details into a loan repayment calculator like this one - https://www.drcalculator.com/mortgage/ - and I think it makes this fairly complex math problem a bit easier to visualise.about 40% of each monthly payment of €536 is going on interest alone.
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