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Paying lump sum off mortgage?

  • 27-01-2011 4:59pm
    #1
    kop77
    Registered Users, Registered Users 2 Posts: 820 ✭✭✭


    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,


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    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


  • #3
    amen
    Registered Users, Registered Users 2 Posts: 2,781 ✭✭✭amen


    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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