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Mortgage Overpayment Calculator
Discover how making regular overpayments can reduce your mortgage balance faster, shorten your mortgage term, and save you interest over time.
Mortgage Overpayment Calculator
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How this calculator works
This tool estimates how overpaying each month affects:
- Your mortgage term
- Your total interest paid
- Your monthly repayment amount
Results are estimates only. Always check your mortgage offer for overpayment limits and early repayment charges.
Mortgage Overpayment FAQs
What is a mortgage overpayment?
A mortgage overpayment is when you pay more than your agreed monthly repayment. This extra amount goes directly towards reducing your mortgage balance, helping you pay off your loan faster and reduce the total interest paid over the life of the mortgage.
How do mortgage overpayments save me money?
Overpayments reduce the amount you owe, which means the interest charged on your mortgage decreases. Over time, this can save you thousands in interest and potentially shave years off your mortgage term.
Is it better to save or overpay?
Overpaying reduces long-term interest, but saving may be wiser if you want liquidity or can earn a better interest rate in savings. Speaking with a mortgage adviser will help you weigh the pros and cons.
Are there any risks to overpaying my mortgage?
The main risk is early repayment charges (ERCs) during a fixed-rate period. Also, once money is used to reduce your mortgage, it's not easily accessible, so ensure you keep enough savings aside for emergencies before making large overpayments.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IMPORTANT: With investments, your capital is at risk. Pensions and investments can go down in value as well as up, so you could get back less than you invest.
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