Calculate savings by paying mortgage off early...

[JMR]

I currently have some surplus cash coming in, at the moment I am putting this into a ‘rainy day’ savings account and also put a regular amount into a directors pension fund.
I would ideally like to be able to chip away at my mortgage also.
Is there a simple calculation I can perform which will tell me what I can shave off the remaining term by paying off €1000 for example?

I would like to know that for every extra €1000 I pay off I will be reducing my term by X

My details are:
Outstanding balance - €359K
Rate – Standard Variable 2.25% (AIB)
Remaining Term – 27yrs 8months
Monthly payment - €1464

Thanks for your assistance

 

[Don_08]

www.jeacle.ie and feed the details into the mortgage calculator

 

[DingDing]

http://www.vertex42.com/ExcelTemplates/extra-payments.html

This will give you a spreadsheet for working it out.

 

[JMR]

Thank you DingDing, that's exactly what I was looking for