#mortgage-overpayment

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Real estate
fromIrish Independent
2 days ago

The dos and don'ts of overpaying your mortgage

Overpaying a mortgage lowers outstanding capital, reducing interest and shortening the loan term; modest monthly overpayments can save years and tens of thousands in interest.
fromIrish Independent
2 days ago

Mortgage overpayment: 'By overpaying 200 per month, you're repaying your mortgage five years earlier and saving 44,736 in interest'

Every month, the interest hits the capital balance that's outstanding on your mortgage, and it calculates in that mortgage repayment how much is interest, and how much is capital. "The start of your mortgage, obviously, is where you're going to have the largest capital balance outstanding - and if you can reduce that amount, you've the interest hitting that lower capital balance, so it means more of your payment is going to capital than interest.
Real estate
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