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Paying lump sum off mortgage?

kop77 · 2011-01-27 16:59:11

I have €10K saved up and I'm wondering weither to use it to pay a bit of my €130K mortgage I took out 3 years ago or better to just leave it in my dualsaver accounts with 3. something E.A.R. It probably wouldn't take much off my monthly payments? I'm on a 2.1 tracker by the way, What would you do? Thanks,

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27-01-2011 5:59pm

#1

kop77

Registered Users Posts: 820 ✭✭✭

Join Date: January 2011

Posts: 744

I have €10K saved up and I'm wondering weither to use it to pay a bit of my €130K mortgage I took out 3 years ago or better to just leave it in my dualsaver accounts with 3. something E.A.R. It probably wouldn't take much off my monthly payments? I'm on a 2.1 tracker by the way,

What would you do?

Thanks,

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#2 27-01-2011 6:17pm
homer911

Registered Users Posts: 5,119 ✭✭✭

Join Date: September 2007

Posts: 4731

If I dont need the 10k for emergencies or any other expenditure, I'd pay it off the mortgage and maintain the existing repayment level - you will save a fortune in interest on the mortgage

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#3 27-01-2011 9:09pm
amen

Registered Users Posts: 2,781 ✭✭✭

Join Date: October 1999

Posts: 2598

Paying off a little extra each month may actually be better then paying a lump sum. Depends on the term left, interest rate and principal left

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