We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Interest on loan and best completion date?
lion-o
Posts: 67 Forumite
We have opted to have our mortgage payments on the 1st of every month.
We have yet to complete, but are very close.
Am I right in thinking it would be best to try and complete as near to the end of the month as possible? So there is a minimal amount of additional interest?
For example. If we complete on the 2nd we have to pay 28/29 days of additional interest plus our 1st payment (with the usual interest on eah payment).
If we complete on 30/31st we just have to pay our first payment and maybe a days additional interest.
Am I correct in thinking this?
We have yet to complete, but are very close.
Am I right in thinking it would be best to try and complete as near to the end of the month as possible? So there is a minimal amount of additional interest?
For example. If we complete on the 2nd we have to pay 28/29 days of additional interest plus our 1st payment (with the usual interest on eah payment).
If we complete on 30/31st we just have to pay our first payment and maybe a days additional interest.
Am I correct in thinking this?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards