How much interest will I save if I payoff my mortgage all at once?
Added (1). I have bought a piece of land which costs PHP 1,254,600. I was scheduled to pay for it in installment for 5 years at 19% interest rate (shocking I know). I have already paid for it in monthly increments of PHP 32,545 for 24 months. Let's say I have come up with a bit of money recently and am able to pay the rest of the balance all in one go, I assume there will be a change in the principal amount because of the lower interest? What is the formula used?
Read more: How much interest will I save if I payoff my mortgage all at once?
