Mortgage overpayment calculator: how much could you save?

Use our mortgage overpayment calculator to see how much money you could save by overpaying.

Using a mortgage overpayment calculator is a great way to see how much money you could save by overpaying on your mortgage, whether with a lump sum or an extra monthly payment. It could help to reduce the amount of interest you pay and even help to reduce your monthly payments or enable you to pay off your mortgage faster.

Use our free mortgage overpayment calculator to see how much you could save, or how quickly you could pay off your mortgage by overpaying. It’s easy to use, simply input your current mortgage balance, the length of the remaining term and the current mortgage interest rate. Then input how much you would like to overpay by each month and/or any lump sum overpayments you would like to make. 

Our calculator will show you how much interest you could save over the remaining term of your mortgage as well as how you may be able to pay it off sooner. You’ll also see on a handy graph just how much difference an overpayment could make.

Mortgage overpayment calculator

What are the next steps to overpaying my mortgage?

Before you make any overpayments, it is important to talk to your mortgage lender to see if any early repayment charges might apply. It is also best to speak to your lender if you are looking to reduce your mortgage term by overpaying.

Overpayments won’t automatically reduce your mortgage term or your monthly mortgage payment, but could save you money by reducing the amount of interest charged. When the next monthly payment recalculation happens, for example at an interest rate change, the monthly payment will be calculated using the existing remaining term of the mortgage.

If you are looking to take out a new mortgage, check out our mortgage calculator to see how much you could borrow.

Sarah is an experienced journalist and editor with more than 10 years of experience in the Homes industry, working across brands such as Homebuilding & Renovating, Period Living and Real Homes. After segueing into the world of personal finance, acting as launch editor of Ideal Home's sister brand, Sarah became Editor in Future’s Wealth division with a focus on property-related finance and household bills, working across brands including GoodtoKnow and Ideal Home. She is passionate about helping people cut through confusing jargon to make the right financial decisions when getting on the property ladder and turning a house into a home.