Should we pay 10K off our mortage?

[TheBeach]

The balance on our mortgage is circa 80K. We have 16K in savings and are wondering if it would be worth paying 10K off our mortgage? Would this reduce our monthly payments and would our new balance be 70K...or should we be thinking of doing something else e.g. reducing years? We currently pay 460euros per month with 21 years left. How much is it likely the new monthly repayments would be?
Also is it risky to leave ourselves with only 6k in savings given the current climate?
Thanks.

 

[Knuttell]

Depends on what sort of mortgage you have,tracker or old style variable?

Link to mortgage calculator.

http://www.myhome.ie/calculators/mortgage

 

[Brendan Burgess]

There is a much better calculator which will allow you compare all the various options and print off the results at

http://www.loanclc.com/

 

[TheBeach]

Depends on what sort of mortgage you have,tracker or old style variable?

Link to mortgage calculator.

We have a variable mortgage.