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Overpayment calculator

Before overpaying your mortgage, check that your lender allows you to overpay it penalty-free, and if there are any limits as to how much you can overpay.

Ensure that any overpayment you make goes to reduce the debt (so shortening the term) rather than reducing your monthly payments. This calculator assumes you reduce the mortgage debt, which is the main benefit of overpaying.

Mortgage type

and / OR

Overpaying would save you £{{resultsData.totals.total_overpayment_savings | currency : "" :0}} in interest alone,

and mean you pay the debt off in full {{resultsData.overpayment.totals.total_underpayment_years}} years & {{resultsData.overpayment.totals.total_underpayment_months}} {{correctMonths}} earlier.

Normally you repay £{{normalMonthly}} per month. If you regularly overpay £{{recurringValueText}}overpay a lump sum of £{{oneoffValueText}}% and a regular overpayment of £{{recurringValueText}}overpay a lump sum of £{{oneoffValueText}}%, you'd be mortgage free {{resultsData.overpayment.totals.total_underpayment_years}} years and {{resultsData.overpayment.totals.total_underpayment_months}} {{correctMonths}} earlier. before your interest-only mortgage term is due to end.have £{{debtRemaining}} mortgage debt remaining at the end of your term. Your total payment over this period would be £{{resultsData.overpayment.totals.totalWithInterestAndFees | currency : "" :0}}.

Also note:
If you'd face a large penalty for overpaying, consider reducing the term of your mortgage, for a small fee. This increases your monthly payments, in effect permanently overpaying.

Could you get a cheaper rate?

Use the MSE's Mortgage Best Buys Comparison to find the best deal for you.

Your mortgage debt over time

Your remaining debt

(assuming your interest rate stays the same)

Year Without overpayment With overpayment
{{}} £{{year.normal | currency : "" :0}} £{{year.overpay | currency : "" :0}}

IMPORTANT! Please read...

This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs.

It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errors (please report faults above).