Paying off mortgage with lump sum

C

Cuba

Registered User
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Hi all, I recently took out a small mortgage (80k over 10 years, variable rate) and have now come into a sum of money which would pay it off. My question is, I have been paying the mortgage for the past 3 months (800 per month) and if I pay it off in full now how much would I have to pay, would it still be 80K or would it be less considering I have paid 2,400 already.
 
It would be less but not less the amount of the repayments as the total outstanding will be the 80k plus the interest for each day you have had it less the amount you paid.
 
Call your bank and they will give you the current redemption figures (includes interest and repayments made to date).
 
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