{"id":12237,"date":"2020-06-09T09:00:36","date_gmt":"2020-06-09T07:00:36","guid":{"rendered":"https:\/\/my-life.lu\/?p=12237\/"},"modified":"2025-09-29T08:57:00","modified_gmt":"2025-09-29T06:57:00","slug":"is-it-a-good-idea-to-pay-your-mortgage-off-early-10037","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/is-it-a-good-idea-to-pay-your-mortgage-off-early-10037\/","title":{"rendered":"Is it a good idea to pay your mortgage off early?"},"content":{"rendered":"<p class=\"entete\">At first glance, paying your mortgage off early may seem like a no-brainer. But don\u2019t be fooled: that fleeting sense of freedom doesn\u2019t necessarily mean it\u2019s the best option for your finances. You should weigh up your situation carefully before making a decision. In this article, myLIFE explains early repayment and what it means for you.<\/p>\n<p>Marie has just received a large sum of money. She wants to put it towards her mortgage and lower her monthly payments. Is she free to do so? Would it be better for her to keep the money in a savings account or invest it? Meanwhile, Richard is going through a divorce. He and his ex-wife have decided to sell their house so that they can each buy another property. They need to pay off the mortgage on their shared home, but they\u2019re not sure if they\u2019ll be hit with extra charges.<\/p>\n<p>To answer these questions from Marie and Richard, we reached out to <strong>Bob Schmit, Product Expert for loans at BIL<\/strong>, who will explain the process of paying a mortgage off early.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-12190\" src=\"https:\/\/my-life.lu\/wp-content\/uploads\/2020\/05\/Article_10037_2.jpg\" alt=\"\" width=\"863\" height=\"555\" srcset=\"https:\/\/my-life.lu\/wp-content\/uploads\/2020\/05\/Article_10037_2.jpg 2794w, https:\/\/my-life.lu\/wp-content\/uploads\/2020\/05\/Article_10037_2-300x193.jpg 300w, https:\/\/my-life.lu\/wp-content\/uploads\/2020\/05\/Article_10037_2-768x494.jpg 768w, https:\/\/my-life.lu\/wp-content\/uploads\/2020\/05\/Article_10037_2-1024x658.jpg 1024w, https:\/\/my-life.lu\/wp-content\/uploads\/2020\/05\/Article_10037_2-1080x694.jpg 1080w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/p>\n<h2 id=\"h2_0\" >Mr Schmit, please could you explain the early repayment process?<\/h2>\n<p>\u201cEarly repayment of a mortgage involves deviating from the normal financing plan by paying off some or all of your loan before the end of the official term.<\/p>\n<p>In most cases, people ask to do this because they\u2019ve come into some money (a gift or an inheritance) or their income has risen and they want to pay more each month. This is referred to as <strong>partial<\/strong> early repayment.<\/p>\n<p>Total early repayment is what might happen after a divorce, for example. The couple who are separating want to sell their property and pay off their loan without necessarily taking out a new one immediately afterwards.<\/p>\n<p>The advantage is that they may be able to lower or eradicate their monthly payments and so increase their purchasing power, but they could face an early repayment penalty as a result. They need to consider the situation carefully before making a decision.\u201d<\/p>\n<blockquote><p>Whether or not you\u2019ll face a penalty depends on the type of loan (fixed rate or variable rate) and the prevailing market rates.<\/p><\/blockquote>\n<h2 id=\"h2_1\" >Under what circumstances would a penalty apply?<\/h2>\n<p>\u201cThe bank has the right to ask the client to pay a fee if costs are incurred through the early repayment of the loan. It\u2019s best to think of this as compensation for the financial loss incurred by the institution because of the interruption to the loan agreement.\u201d<\/p>\n<p><strong>Useful info<\/strong>: this early repayment penalty may not exceed the financial loss incurred by the bank.<\/p>\n<p>To find out whether Marie or Richard will pay a penalty, we need to consider the type of loan they have \u2013 <a href=\"https:\/\/my-life.lu\/en\/fixed-and-variable-rate-mortgages-10030\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>fixed rate or variable rate<\/strong><\/span><\/a> \u2013 and the prevailing market rates.<\/p>\n<p>If they have a <strong>fixed-rate<\/strong> loan, there are two possible options:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Market rates have increased<\/strong> since the loan was taken out. In this case, there are <strong>no additional fees<\/strong> to pay because the bank can lend out the repaid funds at a higher rate.<\/li>\n<li><strong>Market rates have fallen<\/strong>. The bank cannot lend out the repaid funds at a similar rate and this will cost the bank money. The bank <strong>has the right to recover these costs from the client<\/strong>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>However, if the client has a <strong>variable-rate<\/strong> loan, there is no penalty to pay. In this case, the bank\u2019s funding arrangements mean that it doesn\u2019t lose out from the early repayment.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Remember<\/strong><\/span>: you will be charged an arrangement fee to pay your mortgage off early, regardless of whether or not a penalty applies.<\/p>\n<blockquote><p>For anyone who took out a loan on their primary residence after March 2016, a cap of six months of interest applies to the first EUR 450,000 repaid early.<\/p><\/blockquote>\n<h2 id=\"h2_2\" >How much will the penalty be?<\/h2>\n<p>\u201cThe size of the penalty will depend on three things:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The amount the client wishes to repay<\/li>\n<li>The <strong>remaining term<\/strong> of the fixed-rate period<\/li>\n<li>The <strong>difference<\/strong> between the ECB refinancing rate when the loan was taken out and the refinancing rate over the remaining term when the loan is repaid.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>In short, if the 20-year ECB refinancing rate was 2% when the loan was taken out and 1.50% over the 10 years left to run when the loan is repaid, the penalty is calculated based on the financial loss of 0.50% over the remaining term of the fixed-rate period.<\/p>\n<p>However, there is a cap on the penalty that can be charged to anyone who took out a loan after March\u00a02016 on their primary residence (and who can prove that they have lived there continuously for at least two years). This cap applies to the amount that the client wishes to repay. The cap is set at six months of interest on a repayment of up to EUR\u00a0450,000.\u201d<\/p>\n<p><strong>Example<\/strong>: When they bought their home, Richard and his wife took out a 20-year mortgage of EUR\u00a0600,000 at an interest rate of 3%. Four years have passed and now they want to pay off their debt in full (EUR\u00a0500,000). In the meantime, refinancing rates have fallen by 0.50%. The bank can only claim six months of interest (at the rate set when the loan was agreed) on the first EUR\u00a0450,000. On the other EUR\u00a050,000, however, the bank can charge the full penalty because the cap has been reached. As such, Richard and his wife will have to pay a penalty of EUR\u00a06,750 on the first EUR\u00a0450,000 of repayment plus EUR\u00a04,000 on the other EUR\u00a050,000. In total, they will pay a penalty of EUR\u00a010,750 plus an arrangement fee.<\/p>\n<table style=\"border-style: solid; border-color: #000000; background-color: #e7d3f0;\">\n<tbody>\n<tr>\n<td><span style=\"text-decoration: underline;\"><strong>Quick breakdown of Richard\u2019s penalty<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>3% = client rate<\/li>\n<li>2% = initial refinancing rate<\/li>\n<li>1.5% = refinancing rate at the time of repayment<\/li>\n<li>16 = number of years remaining on his 20-year term<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Penalty calculated on the first EUR\u00a0450,000:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>6 months of interest at 3% on EUR\u00a0450,000 = (EUR\u00a0450,000 x 3%) x 6\/12 = EUR\u00a06,750<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Penalty calculated on EUR\u00a050,000:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Refinancing for the bank at the initial rate = (EUR\u00a050,000 x 2%) x 16 = EUR\u00a016,000<\/li>\n<li>Refinancing for the bank at the new rate = (EUR\u00a050,000 x 1.5%) x 16 = EUR\u00a012,000<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>The bank stands to lose EUR\u00a016,000 &#8211; EUR\u00a012,000 = EUR\u00a04,000<\/p>\n<p><strong>Total penalty to pay = EUR\u00a06,750 + EUR\u00a04,000 = EUR\u00a010,750<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"text-decoration: underline;\">Remember<\/span>: in Luxembourg, this cap does not apply to early repayments of mortgages on second homes or buy-to-let properties.<\/p>\n<h2 id=\"h2_3\" >How can a person tell if early repayment is right for them?<\/h2>\n<p>The best way to see whether paying off a mortgage early is financially beneficial for you is to run simulations.<\/p>\n<p>Let\u2019s think about Marie\u2019s circumstances again. When interest rates on the market are low, it seems like a good idea for Marie to pay off part of her loan rather than invest her money in a savings account.<\/p>\n<p>If Marie has a variable-rate mortgage, she will not be charged an early repayment fee. The same is true if she has a fixed-rate mortgage and market interest rates have risen since she took out her loan: no penalty will apply. So, early repayment really does seem like a good way for her to invest her money.<\/p>\n<p>On the other hand, if Marie has a fixed-rate loan and market interest rates have fallen since she took it out, she will need to pay a penalty to her bank. In that case, she will have to check that the penalty doesn\u2019t wipe out all of the financial benefits of early repayment.<\/p>\n<p><strong>Example<\/strong>: Marie took out a 15-year mortgage in July\u00a02022 at a fixed rate of 3% for EUR\u00a0200,000. In December 2024, the refinancing rate fell by 0.50%. She wants to overpay her mortgage by EUR\u00a030,000. She will have to pay a penalty of EUR\u00a01,875 to cover the loss of interest incurred by the bank. This means that paying the loan off early may not be the best solution.<\/p>\n<table style=\"border-style: solid; border-color: #000000; background-color: #e7d3f0;\">\n<tbody>\n<tr>\n<td><span style=\"text-decoration: underline;\"><strong>Quick breakdown of Marie\u2019s penalty<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>3% = client rate<\/li>\n<li>2% = initial refinancing rate in July 2022<\/li>\n<li>1.5% = the refinancing rate in December\u00a02024<\/li>\n<li>12.5 = the number of years remaining on her 15-year term<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Penalty calculated on EUR\u00a030,000:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Refinancing for the bank at the initial rate = (EUR\u00a030,000 x 2%) x 12.5 = EUR\u00a07,500<\/li>\n<li>Refinancing for the bank at the new rate = (EUR\u00a030,000 x 1.5%) x 12.5 = EUR\u00a05,625<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Total penalty to pay = EUR\u00a07,500 &#8211; EUR\u00a05,625 = EUR\u00a01,875<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote><p>An early repayment request can be made at any time. There is no minimum waiting period.<\/p><\/blockquote>\n<h2 id=\"h2_4\" >When can a person pay their mortgage off early?<\/h2>\n<p>An early repayment request can be made at any time. There is no minimum waiting period.<\/p>\n<p>On a fixed-rate mortgage, the closer you are to the end of the loan term, the smaller any penalty will be, since the fee is calculated on the amount left to pay. If you have a variable-rate mortgage, however, early repayment will make most financial sense at the start of the loan term, i.e. before the majority of the interest has been paid to the bank.<\/p>\n<p><strong>Useful info<\/strong>: the conditions for early repayment are different for consumer loans. For more information, visit the website of the Luxembourg Financial Supervisory Authority (<a href=\"https:\/\/www.cssf.lu\/fr\/contrat-credit-consommation\/#remboursement-anticipe\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Commission de Surveillance du Secteur Financier \u2013 CSSF<\/strong><\/span><\/a>).<\/p>\n<h2 id=\"h2_5\" >Do you have any advice for people considering an early repayment?<\/h2>\n<p>\u201cYou absolutely must take the time to talk through your situation with your adviser before taking the plunge. Your adviser is the only person who can tell you everything you need to know and make sure you\u2019re seeing the full picture in terms of the context of your request, your needs and your expectations.\u201d<\/p>\n<p>Richard and his wife were \u201cforced\u201d to review the terms of their loan when they started divorce proceedings. They can discuss the various repayment procedures with their banker to find the solution that best suits their circumstances.<\/p>\n<p>Meanwhile, Marie has all the time in the world to compare the various options. Her banker can <a href=\"https:\/\/www.bil.com\/en\/individuals\/products-and-services\/borrow\/Pages\/mortgage.aspx#\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>run simulations<\/strong><\/span><\/a> to help her find the most financially beneficial solution: paying her mortgage off early, keeping her money in a savings account and continuing to <a href=\"https:\/\/my-life.lu\/en\/reduce-your-tax-bill-by-using-tax-deductions-52009\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>deduct her interest expenses<\/strong><\/span><\/a> on her tax return, following through on much-cherished plans, or even investing in financial products. Maybe this is Marie\u2019s opportunity to <a href=\"https:\/\/my-life.lu\/en\/what-if-investing-were-a-part-of-your-everyday-life-30154\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>take her first steps as an investor<\/strong><\/span><\/a>!<\/p>\n<p><span style=\"font-size: 10pt;\">* Date of entry into force of the law<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At first glance, paying your mortgage off early may seem like a no-brainer. But don\u2019t be fooled: that fleeting sense of freedom doesn\u2019t necessarily mean it\u2019s the best option for your finances. You should weigh up your situation carefully before making a decision. In this article, myLIFE explains early repayment and what it means for &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/my-life.lu\/en\/is-it-a-good-idea-to-pay-your-mortgage-off-early-10037\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Is it a good idea to pay your mortgage off early?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":12187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","beyondwords_generate_audio":"1","beyondwords_integration_method":"","beyondwords_project_id":"44704","beyondwords_content_id":"ae6356cc-98d9-4ca6-9f93-bb51edd9893a","beyondwords_preview_token":"8d835c53-fe5f-42ea-8743-c8b4e82150d9","beyondwords_player_content":"","beyondwords_player_style":"standard","beyondwords_language_code":"en_GB","beyondwords_language_id":"50","beyondwords_title_voice_id":"775","beyondwords_body_voice_id":"775","beyondwords_summary_voice_id":"775","beyondwords_error_message":"","beyondwords_disabled":"","beyondwords_delete_content":"","beyondwords_podcast_id":"ae6356cc-98d9-4ca6-9f93-bb51edd9893a","beyondwords_hash":"","publish_post_to_speechkit":"","speechkit_hash":"","speechkit_generate_audio":"","speechkit_project_id":"","speechkit_podcast_id":"","speechkit_error_message":"","speechkit_disabled":"","speechkit_access_key":"","speechkit_error":"","speechkit_info":"","speechkit_response":"","speechkit_retries":"","speechkit_status":"","speechkit_updated_at":"","_speechkit_link":"","_speechkit_text":""},"categories":[176,11,182],"tags":[401,572,574],"class_list":["post-12237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-purchase-en","category-myhome-en","category-help-and-support-en","tag-purchase","tag-help-and-support","tag-homeloan","my_home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is it a good idea to pay your mortgage off early? 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