Cryptocurrency Q&A
How is the early repayment charge calculated?
How is the early repayment charge calculated?
BlockchainBaron
Mon May 13 2024
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6 answers
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Excuse me, I'm curious about the calculation method for early repayment charges. Could you please explain how it is determined? Is it based on a fixed percentage of the remaining balance, or does it vary depending on the duration of the loan? Additionally, does the calculation take into account any penalties or discounts for making early repayments? I'm trying to understand the financial implications of repaying my loan ahead of schedule and would appreciate your clarification on this matter. Thank you for your assistance.
6 answers
Giulia
Wed May 15 2024
As you progress to the second year, the ERC reduces to 4%.
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henry_grayson_lawyer
Wed May 15 2024
Let's say you have a 5-year mortgage with a fixed interest rate.
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Paolo
Wed May 15 2024
Initially, you would be charged a 5% ERC in the first year.
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Tommaso
Tue May 14 2024
By the third year, the ERC further decreases to 3%.
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Isabella
Tue May 14 2024
This pattern continues as you move closer to the end of your mortgage term.
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