Mortgage Overpayment Calculator
See how much interest and time you could save by paying a little extra off your mortgage, as a regular monthly amount, a one-off lump sum or a yearly payment. Move along the graph to see your balance at any point.
- Instant results
- Interactive graph
- No sign-up needed
Your mortgage balance over time
Show year-by-year table
| Year | Balance now | With overpayments | Interest paid now | With overpayments | You're ahead by |
|---|
Illustrative only. These figures assume your interest rate stays at the rate you entered for the whole term and that every payment is made on time. In real life rates change, especially when a fixed or tracker deal ends.
Things to think about first
- Overpaying isn't right for everyone. It's usually worth keeping an emergency savings pot you can get to quickly.
- Debts with higher interest, such as credit cards or loans, may cost you more than your mortgage.
- Check your lender's overpayment allowance, as going over it can mean an early repayment charge.
- Money you overpay usually can't be taken back out unless your mortgage has a payment holiday or "borrow back" feature.
This calculator gives general information, not advice. For a recommendation based on your circumstances, speak to an FCA-authorised mortgage adviser.
Email me these results
We'll send a copy of your figures. Add your deal end date and we'll also remind you 6, 3 and 1 month before it ends.
Thanks, your results are on their way
Why a little extra can make a big difference
Mortgage interest is worked out on what you still owe. Paying some of it off early means less interest is added from then on.
You pay extra
Each overpayment comes straight off your mortgage balance, on top of your normal monthly payment.
Less interest is added
With a smaller balance, less interest builds up each month, so more of every payment goes towards what you owe.
You finish sooner or pay less
Depending on your lender, you either clear the mortgage earlier or your monthly payment goes down.
Common questions
How much can I overpay without a penalty?
It depends on your mortgage. Many fixed and tracker deals allow up to around 10% of the balance each year without an early repayment charge, but some allow less or more. Variable rate mortgages often have no limit. Your mortgage offer or your lender can confirm yours.
Is it better to shorten my term or lower my payment?
Shortening the term usually saves more interest overall, while lowering the payment gives you more breathing room each month. Some lenders decide this for you and some let you choose, so it's worth asking yours.
Are these results exact?
No. They're an illustration based on the figures you entered and assume your rate stays the same for the whole term. Your lender's figures may differ, for example because of how and when they apply overpayments.
Should I overpay or save instead?
It depends on your circumstances, such as your savings, other debts and plans. This calculator shows the effect of overpaying but can't tell you what's right for you. MoneyHelper has free, impartial guidance.
Related tools and guides
Mortgage Owl provides general educational information only, not regulated financial advice. We don't recommend or arrange mortgages. Your home may be repossessed if you do not keep up repayments on your mortgage.
