So I’ve started overpaying my mortgage with Ulster Bank but they don’t give any info via online banking other than last few payments made, interested added on, and balance remaining.
It does not say
I wrote to their Mortgage HQ start of Jan giving a standing instruction that any overpayments made after that date into the mortgage account, above the normal monthly requirements, should be used to reduce the term of the mortgage.
Assuming they have applied that correctly, other than ringing up every few months to find out the duration remaining, is there any way to work it our yourself?
Put in your details (interest rate etc.) and then adjust the ‘years’ field until the ‘payment field’ matches what you’ll be paying. For the principle, enter the remaining amount. Then look at the ridiculous interest savings. It’ll make you want to stop buying things and just chip away at the mortgage!
At any point in a mortgage you should be able to take the current balance and calculate forward as if you were starting a new mortgage from today. So just get the balance and use a calculator like Ixelles posted above, or the appropriate Excel/Google Sheets function.