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  1. #1

    Default Mortgage Holiday on 153k

    Hi There.

    I know this is most likely a simple answer for many but I just cant get my head around this all.

    Can someone please help me add up how much extra I will pay on 153k if I take the 6 month mortgage holiday?

    I have not rung the bank yet as I dont want to be put on the spot and I feel like they will persuade me into taking it during that phone call.
    Last edited by Dyceast; 02-04-2020 at 09:27 AM.

  2. #2
    Join Date
    Jan 2012
    Posts
    1,142

    Default

    What's your interest rate? There's several compounding interest calculators on the net.

  3. #3

    Default

    Quote Originally Posted by Learning View Post
    What's your interest rate? There's several compounding interest calculators on the net.
    Hi First time I have heard of Compound Calculator?

    I am sitting on 3.55%

    Its fixed for 1 1/2 - 2 more years, would that affect anything?
    Last edited by Dyceast; 01-04-2020 at 03:07 PM.

  4. #4
    Join Date
    Oct 2013
    Posts
    1,708

    Default

    I don't have a compound calculator on me as I'm on my phone, but you can do some simple math. You're effectively borrowing 6 months worth of interest - about $2.7k at your current interest rate.

    If interest rates remain the same or similar, that extra $2.7k of borrowing is going to cost you $96 per year for the life of the loan. If you've got 30 years left on your loan, that's approx $3k. If rates rise it'll be more, if they drop it'll be less.

    Of course, then you'll need to consider inflation and the time value of money. $96 won't mean as much in 30 years as it does now.
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  5. #5

    Default

    Quote Originally Posted by Anthonyacat View Post
    I don't have a compound calculator on me as I'm on my phone, but you can do some simple math. You're effectively borrowing 6 months worth of interest - about $2.7k at your current interest rate.

    If interest rates remain the same or similar, that extra $2.7k of borrowing is going to cost you $96 per year for the life of the loan. If you've got 30 years left on your loan, that's approx $3k. If rates rise it'll be more, if they drop it'll be less.

    Of course, then you'll need to consider inflation and the time value of money. $96 won't mean as much in 30 years as it does now.
    Thank You for explaining. Great example to give me a fair idea.


 

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