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HSBC loan

Alex1987
Alex1987 Posts: 11 Forumite
in Loans
Hi all,

I have a loan with HSBC and wonder if anyone can help me to show how to calculate what the repayment would be if I paid it early?

The loan is over 2 years and was for £7,500

First payment was £363.56 followed by payments of £363.32.

I am looking to see what the repayment amount would be after 6 months, and 12 months.

Thanks.

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    The exact answer depends on the wording of the contract. You might have an interest penalty to pay. You are paying around £300 per month off the capital so you could estimate the full repayment could be about £5,700 after 6 months (they day after you've made the 6th payment of £363) and maybe £3,900 after 12 months.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
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