Any way to work out duration left on mortgage if overpaying?

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
-original duration
-remaining duration

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?

Try this calculator

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.

Great stuff, thanks for that.

Better ring UB to ensure they’re reducing term

Have they continued to take the same payment amount as before from your account? If so, it will reduce the term.

I have an absolutely superb spreadsheet for this purpose. I’ll give it to you shortly. Just after my nap :slight_smile:

Can I upload an Excel file?

If you are paying extra you are reducing the term!

In relation to working this out there is a great basic loan amortisation template in excel which allows you to input an extra payment (one one and hence the basic).

It’s really easy to create your own simple one to enter extra payments one by one.

Here is the link to the template

templates.office.com/en-us/Loan … TM10073881

If you are not excel, openoffice also have templates

templates.openoffice.org/en/tem … calculator

I know from experience that AIB just reduced the monthly payments and left the term the same, I’m OK with that as the repayments are slightly lower and easier during the lean months.

You’ll need to upload it to somewhere publicy and link to it from here.

There’s also Karl Jeacle’s, sorry, Dr. Karl Jeacle’s mortgage calculator:
drcalculator.com/mortgage/