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Paying off a Mortgage - Advice needed

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  • 23-11-2011 1:04pm
    #1
    mactheknife19
    Registered Users Posts: 165 ✭✭


    Looking for some help here. I'm in the process of selling my house ( all contracts signed ).
    So when I look online I have 290,950 to pay off. I've been given a redemption statement that says 291,400 ( that was 14 Nov, and says applicable for 20 days), and a daily accrual of 46.

    My direct debit date is the 4th of each month.

    So what I trying to understand, and basically trying to save as much money as possible is, when is the best date to close the sale.

    Is it a day before the next direct debit, and would that 291,400 go up between now and then,
    or
    Should I pay the next DD, which would bring me down to 290,000 online, and close the sale on the 5th for example, this only giving me one day of daily accrual.


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    It will make absolutely no difference when you pay it off to be honest in relation to eithter waiting for DD to go through or not! Interest is calculated on a daily basis. If you wait for another DD repayment to go through obviously you have less to pay as you have just made a months repayment. Interest is always accruing daily so the quicker you close the sale the less it will cost you.


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