Mortgage overpayment calculator
Discover how making extra payments on your mortgage could save you money on interest and shorten your repayment term. Use our simple calculator to explore your options, and let our friendly mortgage advisors guide you to the best financial solution for your goals.
These figures are an example and numbers can and will change throughout the term of your mortgage as the interest rates change.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Your details
Your results
Without overpayments
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With overpayments
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This information is computer generated. The results are rounded and rely on CERTAIN ASSUMPTIONS (see below). This calculator is a ready reckoner that's been designed to give a useful general indication of costs.It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errors.
- Interest is charged monthly.
- Interest rate stays the same over the term.
- If you selected 'Interest only', we assume your standard monthly payment doesn't decrease even if you pay off some of the balance.
- Compare to savings: this option estimates the interest you could earn if you put the same money into savings, rather than overpaying your mortgage. It assumes the interest rate stays the same, and that your savings stop at the same time as your mortgage would’ve ended, had you been overpaying.
What is a mortgage overpayment, and how does it work?
A mortgage overpayment is an additional payment made on top of your regular monthly mortgage instalments. Overpayments help reduce your loan balance faster, which can save you money on interest and shorten the overall repayment term. Unsure if overpaying is right for you? Our expert mortgage advisors can guide you to the right solution for your financial goals.
How can an overpayment calculator help me?
An overpayment calculator shows you how extra payments can reduce your mortgage term and decrease the total interest you’ll pay over the life of your loan. By using this tool, you can better understand how overpaying aligns with your financial objectives. For tailored advice, reach out to one of our mortgage advisors today.
Are there penalties for overpaying my mortgage?
Some mortgage lenders may charge early repayment fees (ERCs) if you exceed a set overpayment limit. It’s crucial to check your mortgage terms. Our advisors are here to help you navigate your options and find a strategy that works for you without unexpected penalties.
Should I overpay my mortgage or save/invest instead?
Deciding between overpaying your mortgage and saving or investing depends on your personal financial situation, current interest rates, and long-term goals. Our experienced advisors can provide a personalised assessment to help you choose the most advantageous option for your future.
Can I make regular or one-off overpayments?
Most lenders allow you to make both regular and one-off overpayments. Each option has different impacts on your mortgage balance and term. Use our overpayment calculator for insights, and speak with our team to create a repayment plan that fits your needs.
Ready to take the next step?
Get in touch with us today for expert mortgage advice tailored just for you. We’ll handle everything from start to finish, ensuring a smooth and stress-free process. Let’s find the right solution for you - no strings attached.