Mortgage overpayment calculator
Making mortgage ‘overpayments’ simply means paying more towards your mortgage than the amount set by your lender.
Your overpayment could be in the form of a one-off one lump sum, or you could pay an extra amount each month on top of your usual repayments.
The aim is to repay the debt more quickly, thus reducing the total amount of interest you pay.
Our mortgage overpayments calculator will show you how much interest you could save by making regular overpayments each month. You might be surprised by how much impact can have.
Some lenders have restrictions on whether you can overpay or not, and by how much, and some might charge an additional fee for early repayment. So remember to check directly with your mortgage lender on their terms and conditions if you wish to make overpayments.
The secret to saving money on your mortgage lies with making sure you’re on the best deal. Once you’ve used the overpayment calculator, be sure to compare mortgage rates to see if you could get a better deal.