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
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