It's a once-off rather than per year isn't it? Once the first 'month' with the extra 17 days is past, all future periods are true months.In terms of the interest calculation, you will have an extra 17 days' interest per year.
It's a once-off rather than per year isn't it? Once the first 'month' with the extra 17 days is past, all future periods are true months.
It's a once-off rather than per year isn't it? Once the first 'month' with the extra 17 days is past, all future periods are true months.
Hi Orka
I wondered about this as I wrote it.
I think it is annual.
In simple terms, say you have a mortgage of €100,000 interest only at 10%.
If you make one payment a year on the 1 July,you will pay around €9,500
If you move it forward to 31 December, you will pay €10,000.
It's the same the following year.
So moving a date forward costs you more each year.
The first year you pay less because you are not paying 'interest on interest' for the second half of the year. But the second year, you are accruing interest from 1 July to 1 July which will be a full year.Hi Orka
I wondered about this as I wrote it.
I think it is annual.
In simple terms, say you have a mortgage of €100,000 interest only at 10%.
If you make one payment a year on the 1 July,you will pay around €9,500
If you move it forward to 31 December, you will pay €10,000.
It's the same the following year.
So moving a date forward costs you more each year.
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