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Mortgage pay off/repayment calculations. help!
matty_hunt
Posts: 366 Forumite
Hi.
Could someone please help me calculate some figures. Im struggling!
Should I continue to pay monthly or pay off in full? Which is cheapest?
My remaining mortgage is £4930.85 @5.28% repayment.
My monthly payment is £1070.56 plus £500 overpayment every month. Totals £1570.56
If I contine paying this every month the mortgage will finish with the last payment on 1st May. But I could amass £5000 to pay it today, only there is a 3% fee/'fine'. Its with Nationwide and interest is daily but I just cant do the mathes to work out if a 3% hit is more or less than the 5.28% on a diminishing amount over the next few months.
Any help much appreciated.
Thanks.
Could someone please help me calculate some figures. Im struggling!
Should I continue to pay monthly or pay off in full? Which is cheapest?
My remaining mortgage is £4930.85 @5.28% repayment.
My monthly payment is £1070.56 plus £500 overpayment every month. Totals £1570.56
If I contine paying this every month the mortgage will finish with the last payment on 1st May. But I could amass £5000 to pay it today, only there is a 3% fee/'fine'. Its with Nationwide and interest is daily but I just cant do the mathes to work out if a 3% hit is more or less than the 5.28% on a diminishing amount over the next few months.
Any help much appreciated.
Thanks.
0
Comments
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Paying it off now with the 3% fee will cost you more. Stick with the mortgage until it' s paid off in May.0
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Thanks. That seemed liked the correct answer but my basic mathes couldnt get actual figures to support it!Deleted_User wrote: »Paying it off now with the 3% fee will cost you more. Stick with the mortgage until it' s paid off in May.
cheers.0
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