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golfish loan settlement figure

soweezy
soweezy Posts: 67 Forumite
14 months left = 4067.14
settlement = 3958.03
doesn't seem like much of a saving to me :undecided

original loan was 15k over 60 months @ 6.5%

Comments

  • Kavanne
    Kavanne Posts: 5,093 Forumite
    most of it is probs capital that you are paying back now so there is not much interest rebate left to be had....
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    it's mainly a reflection on the fact you have a very low interest rate loan... so well done on that but it does mean that early settlement doesn't save a lot of interest because you weren't going to pay a lot in the first place..
    a cause for rejoicing and not for regret!
  • soweezy
    soweezy Posts: 67 Forumite
    thanks...

    guess I'll have to settle for the £109 saving then and be debt free, other than the mortgage that is :D
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    actually, in purely financial terms you're are best simply saving the money in a saving account as you only need to achieve about 3% after tax to break even.
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    soweezy, if you hadn't repaid early you'd have paid only about 150 more in interest because of the low interest rate. Beats no saving, though. :)
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