Mortgage Overpayment Calculator

This calculator helps you see the benefits of making additional payments towards your mortgage.

It considers:

• Mortgage Debt (£): The total amount of your mortgage.
• Mortgage Term (years): The original length of time you agreed to repay your mortgage.
• Interest Rate (%): The annual interest rate applied to your mortgage.
• One-off Overpayment (£): A single extra payment you plan to make towards your mortgage.
• Recurring Overpayment (£): Regular extra payments you plan to make towards your mortgage.
• Frequency of Recurring Overpayment: How often you plan to make the recurring extra payments (e.g., monthly).

The calculator shows:

• Total Savings on Interest: The amount of interest you could save by making the overpayments.
• Debt Cleared Sooner By: How much earlier you could potentially pay off your mortgage by making these overpayments.
• Total Repayment with Overpayments: The total amount you will repay over the mortgage term including both the borrowed amount and the interest, with overpayments accounted for.
• Table of Each Year of Debt: A comparison showing the remaining mortgage debt each year, with and without overpayments, illustrating the impact of overpayments over time.

Use this tool to explore how extra payments could reduce your mortgage term and save you money on interest.

Your home maybe repossessed if you do not keep up repayments on your mortgage

Overpayments: Before making any overpayments, please consult your lender to ensure you can do so penalty-free. Fixed-rate mortgages typically limit overpayments to 10% of your outstanding balance per year. Exceeding this limit may result in early repayment charges. Variable-rate mortgages generally do not have overpayment restrictions.

Assumptions: This calculator assumes it is for repayment mortgages only. The interest rate used remains constant for the entire mortgage term. All figures are rounded to the nearest £1 per year.