Mortgage Overpayment Calculator
See how overpayments can reduce your mortgage term and save you money
Mortgage Details
Typically you're only allowed to overpay by 10% of your outstanding mortgage balance per year.
Overpayment Options
%
and/or
Monthly
Quarterly
6 months
Annually
Compare to Savings
See how much you'd earn putting the same amount into a savings account (repayment mortgages only).
If you're not sure, most people don't pay tax unless they've a lot of savings, so leave it as 'None'
Results
Monthly Payment
£658.62
Total Interest
£107,103
Time Saved
4 years
2 months
Interest Saved
£25,422
With Overpayments
By making a one-off payment of £0 and monthly overpayments of £200:
- You will pay off your mortgage 4 years and 2 months earlier
- You will save £25,422 in interest
- Your new payoff date is October 2046
Comparison with Savings
If you put your overpayments into a savings account instead:
- You would earn approximately £18,420 in interest
- After tax, this would be £18,420
- Overpaying your mortgage gives you £7,002 more benefit
Summary
Your regular monthly payment would be £658.62. With overpayments, you'll pay off your mortgage faster and save money on interest. The results show that overpaying your mortgage is more beneficial than saving in this scenario.