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

Work out the benefit of overpaying

We show you what could happen if you overpay your mortgage. All you need to do is enter:

  • Your outstanding mortgage balance

  • How long is left until you pay off your mortgage

  • Your mortgage's interest rate

  • The extra mortgage payments you want 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 pay it off 5 years and 11 months quicker.

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 early repayment charges

Mortgages come with rules about how much you're allowed to overpay on them. Some flexible mortgages, let you repay as much as you like at any time. Many come with limits - for example, 10% of the remaining balance each year - and charge a fee if you overpay more than this.

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

How does the calculator work?

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 you entered. We can then show you how much you 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 quicker you could pay off your mortgage balance.