You would have to call the lender and ask that question. There isn't enough information in your question to answer it.
Premature repayment amounts to loss of interest income for the lender. Hence most financial organisation levy penalty when you terminate your loan before the expiry of its original term. This penalty varies from organisation to organisation . You can look up the terms and conditions of your loan to find specific answer to your question.
Use a mortgage loan pre-payment calculator such as:
http://www.mortgage-calculators.org/cal … lc_type=17
http://www.mortgage-calculators.org/cal … lc_type=11
http://www.mortgage-calculators.org/cal … alc_type=3
You certainly left out many details in order to answer your question.
The best advice is to take you current loan amount and plug it into a mortgage calculator to find the answer.
The savings you get is the interest only, your principal balance would be your loan amount. You do not get any discounts on principal.
Hope this helps,
please confirm of your paid for loan with your agent/bank officer,
if you want to know more details for secured loans visit gallery finance in UK.
they provides best services for secured loans,car loans ,home loans etc...
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