Mortgage overpayment calculator

What's the outstanding balance on your mortgage?

Please enter a value between £100 and £50,000,000
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How much of your mortgage term is left?


Please enter a value between 0 and 40


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What's the annual interest rate on your mortgage?

Please enter a value between 0.1% and 20%
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What type of overpayment do you want to make?

Please select an option
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How much will your overpayments be?

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Reduce your mortgage term by

0 years

Save interest of


Calculator assumptions

The exact amount you could save depends on how your mortgage provider calculates interest. The calculation is made with the following assumptions:

  • Your interest rate stays the same for the rest of your mortgage term
  • You don't borrow more money through your mortgage
  • You don't miss any mortgage payments or take a payment holiday
  • You aren't charged any fees, e.g. early repayment charges
  • You don't make any repayments apart from the ones you specified
  • You have a repayment mortgage, not interest only

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Last updated: 2 November 2020

How to use our mortgage overpayment calculator

Use our simple mortgage overpayment calculator to see how much money you could save and how quickly you can finish paying off your mortgage.

How to overpay your mortgage

We show you how to overpay your mortgage and what the benefits could be. All you need to do is enter:

  • Your outstanding mortgage balance

  • How long is left until you have paid off your mortgage

  • Your mortgage's interest rate

  • The extra mortgage payments you would like to make

You can select overpaying your mortgage by the same amount each month, paying off a lump sum now, or doing both.

We'll then show you:

  • How much money you could save in interest

  • How much sooner your mortgage could be paid off

Why overpay on your mortgage?

Making early payments means you could:

  • Pay off your mortgage early which means you'll be mortgage free quicker

  • Save thousands of pounds in interest charges

For example, a monthly overpayment of £200 on a £200,000 mortgage could save you £21,622 in interest. You would also shave 5 years and 11 months off your mortgage term..

How is this calculated?

The above example is based on an interest rate of 3%, a term of 25 years, and a balance of £200,000. Making overpayments of £200 every month until your mortgage is paid off could mean you clear the balance after 19 years and 1 month.

How to pay off your mortgage faster

You can do this by making overpayments, but you can clear your mortgage even quicker if you switch to a cheaper deal.

Remortgaging to a lower interest rate means your monthly payments could go down. But if you keep overpaying, you could pay your mortgage off sooner and with less interest.

You can find a new mortgage here or get help switching to a cheaper deal with RateSwitch.

How to make an overpayment

Phone your lender to set up your first overpayment. They should let you pay by debit card or bank transfer. You can then usually make any future overpayments by:

  • Bank transfer

  • Standing order

  • Phoning your lender each time

Beware of mortgage early repayment charges

Mortgages come with rules regarding how much you're allowed to overpay by each year. But many come with limits, such as a maximum of 10% of the remaining balance each year. Overpay by more than this and you will be charged mortgage early repayment fees. Paying off your mortgage early with a lump sum can also incur this charge.

This is called an early mortgage repayment fee, and could cost you thousands of pounds, so check your overpayment limit with your lender first.

How to make an overpayment and avoid paying mortgage early repayment charges

Do all mortgages have early repayment charges?

Some flexible mortgages and standard variable rate (SVR) mortgages let you overpay by as much as you like at any time.

How to use the mortgage repayment calculator for overpayments

Simply enter your details into the overpayment mortgage calculator.

We work out how much interest your mortgage deal is likely to charge over the remaining term if you don't make any overpayments. We then compare this with the interest you could pay if you make the overpayments entered. Using this information, we can then show you how much you would save in interest by making those overpayments.

We also calculate how long it would take to pay off your mortgage if you overpay. Comparing this to your remaining mortgage term lets us show you how much sooner you could pay off your mortgage balance. If you dream of achieving an early mortgage payoff, this calculator could help you get on the right track.