paying 20k into mortgage

[summersun]

hello what should I expect from the bank to reflect the change if i lodge 20k towards my mortgage,many thanks in advance

 

[NorfBank]

How much is outstanding?
What is the interest rate.
How many years left?

I presume you are asking by how much will your monthly repayments fall if you take 20k off the capital outstanding.
Please correct me if I'm wrong.

Otherwise look at http://www.jeacle.ie/mortgage/ and plug in the figures for yourself.

 

[ClubMan]

If you do decide to knock €20K off the capital balance of your mortgage then make sure to agree this in writing with your lender first and don't just assume that paying that amount into the account unilaterally will reduce the capital balance immediately! Ideally also stick to the original scheduled repayments as this will reduce the effective term of the mortgage and yield even further savings.