If you've been repaying the loan without any repayment breaks there's no way the outstanding balance could be above what you borrowed.
Are you on a fixed rate loan with a early repayment penalty?
If it's a tracker or variable rate loan then KJ's calculator figures are correct. I don't know how AIB calculate the penalty for early repayment of a fixed rate loan.
I don't know the terminology and I am probably not going to explain this very well but I'll give it a go. I have a mortgage with AIB and the interest is only added quarterly. So even though you make payments every month the interest is only added at the end of the third month. eg. mortgage is 420,000, repayment is 3,000 a month so over 3 month the full 9,000 comes off your capital = 411,000. At the end of that 3 months the interest for that period, say 5,000, is added back on to the capital making your capital 416,000.
Ask for a statement and you will see what I mean.
Hi, We took out a €420,000 mortgage 6 months ago (term = 35yrs). 1st yr rate = 4.6%, remaining years is ECB+1.1% (5.1%) (AIB Tracker).
B
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