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How Much Would We Save - If Anything!
bristolboy25
Posts: 124 Forumite
I wonder if someone could help me out here...
I had my mortgage statement thru today and the redemption figure to pay off in full was fairly low so got me thinking about whether it would be a good idea to pay it all off.
Basically we have a five year fixed which ends 5 Jan 2009 (4.99%). We have been paying off 10% of the capital each January but keeping the £530.08 payments the same and reducing the term each time.
The captial balance we owe now is £29258.55, next payment is due 5 March 2007.
We prob could scrape enough together to pay off the remainder, which I am told is £29943.72 as of 1 March (including £585.17 redemption and £100.00 closing admin fee).
Therefore what we are trying to equate is, are we better off paying it all off now (losing interest on the capital we have currently of approx £26,000) or just to continue as we are - £530.08 per month and 10% in Jan 2008 and paying the balance of some £16,500 in Jan 2009 to finally pay it off.
Could someone with a good brain for figures get their head around this and help us out here please! Many thanks in advance...
I had my mortgage statement thru today and the redemption figure to pay off in full was fairly low so got me thinking about whether it would be a good idea to pay it all off.
Basically we have a five year fixed which ends 5 Jan 2009 (4.99%). We have been paying off 10% of the capital each January but keeping the £530.08 payments the same and reducing the term each time.
The captial balance we owe now is £29258.55, next payment is due 5 March 2007.
We prob could scrape enough together to pay off the remainder, which I am told is £29943.72 as of 1 March (including £585.17 redemption and £100.00 closing admin fee).
Therefore what we are trying to equate is, are we better off paying it all off now (losing interest on the capital we have currently of approx £26,000) or just to continue as we are - £530.08 per month and 10% in Jan 2008 and paying the balance of some £16,500 in Jan 2009 to finally pay it off.
Could someone with a good brain for figures get their head around this and help us out here please! Many thanks in advance...
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