Are there any disadvantages to paying off my mortgage?

mason's_mum

I have unfortunately found myself in the position where it is possible for me to pay off my mortgage.
It is a 5yr fixed rate mortgage at 1.75% interest, from October 2017, due to finish October 2022.
Current balance is £124k
Payments are £670/month of which about £200 is interest, the rest capital.
Repayment penalty is 3% of balance repaid - £3720
Can anyone calculate the interest due over next 22 months for me? - I know it's not a simple calculation,  (I have done 1.83 years x 1.75% to give roughly £3970  (for ease of calculation I am assuming no capital is repaid in this time)) and to make things more complicated I can pay off 10% of the balance with no penalty in October 2021.
Based on these numbers, there seems to  be very little difference in either paying off the balance now, or waiting until the end of the term and paying it off then?
Would be grateful for any thoughts!
Many thanks

Thrugelmir

Have you used your overpayment allowance for the current year? 

mason's_mum

Thrugelmir said:

Have you used your overpayment allowance for the current year? 

thanks for the reply - yes I have already used this years overpayment allowance.

getmore4less

When does  the next ERC free window start.
When does the ERC % change(3%->2% if it drops )

£124k 1.75% £640pm 22months interest is ~£3,816

Don't forget this is before you calculate any savings.
1% savings rate( is possible but there may be better options like a pension top up.

You won't save enough interest to cover the ERC.