How to calculate effect of paying lump sum off mortgage

All, I was having trouble using the Jeacle calculator aswell. I came across the following alternative:

http://www.moneydoctor.ie/calculators/mortgagecalculator.htm

It's the same Jeacle calculator, but it works on this website.

Incidentally, I've decided to put all of my SSIA (and some extra) into my mortgage. As a result, I'm shaving nearly 14 years off my mortgage. I'm sure there are arguments against doing this, but I feel great doing so. It's a psychological thing, I now feel like I will have my mortgage "under control".

K.
 
That version works because it's older than the version on Karl's website which requires a more up to date Java runtime.
 
kramer2006 said:
As a result, I'm shaving nearly 14 years off my mortgage. I'm sure there are arguments against doing this, but I feel great doing so. It's a psychological thing, I now feel like I will have my mortgage "under control".
Click to expand...
Nothing at all wrong with that as long as you don't need the money for anything else, you don't have higher cost debts outstanding and you won't end up clearing your mortgage early only to borrow at a higher rate (e.g. unsecured loans).
 
Thankfully I don't. With the recent (and future) rises in interest rates, it seems like the prudent move.
 
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