0808 189 0463


        0808 189 0463

        Updated: April 17, 2024

        Mortgage Overpayments Calculator

        Want to know how overpaying can alter the loan term and interest on your mortgage? Use our calculator below to find out how this all works.

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        If you’re considering making overpayments on your mortgage you can use our calculator below to see exactly how much interest you could save and also how this could affect the remaining loan term.

        calculator icon

        Mortgage Overpayments Calculator

        This calculator can show you how much you could save and what your new mortgage payments will look like if you were to make overpayments as a lump sum, monthly amount or both.

        Estimate if not known
        Years and months
        Enter a percentage
        An amount in pound sterling
        An amount in pound sterling
        Overpayment must be less than outstanding balance

        Your current monthly repayment is:

        What your mortgage repayments will look like based on your overpayments:

        Potential mortgage term reduction:

        Amount of interest you could save:

        Now that you have a rough idea of how overpayments will affect your mortgage deal, make an enquiry to speak to a broker for bespoke advice about whether this is the right option for you.

        Why use this mortgage overpayments calculator?

        The calculations for working out exactly what effect an overpayment on your mortgage will have can be nigh on impossible if you’re trying to do it manually. Our calculator will do all the hard work for you in a matter of seconds.

        So, straight away you’ll be able to see the impact your overpayments could have and from there can decide whether this is something you want to move forward with. No personal details are required, all you need to input is the following:

        • The amount you owe on your mortgage
        • Remaining loan term
        • Current interest rate on your existing mortgage deal
        • The amount you wish to overpay by – either monthly and/or a lump sum

        And our calculator will do the rest – all simple and straightforward! You’ll now be able to see your new monthly repayment and an illustration showing how the loan term could change and the potential interest savings.

        If you’re still unsure of the amounts you wish to overpay by – whether this will be a lump sum or by increasing your monthly payments – you can re-input using different figures as many times as you wish until you reach an outcome that fits with your requirements.

        Get Started with a Broker

        Maximise your chance of approval with specialist advice from a mortgage expert

        How to calculate overpayments on an interest-only mortgage

        The above calculator is aimed at assisting anyone with a capital and repayment mortgage only.

        For interest-only mortgages the amount of capital you owe remains the same throughout the term so, in effect if you were to overpay the interest element nothing would really change.

        The best way to reduce your mortgage term and/or the amount of interest you pay would be to review the position with your repayment vehicle and consider whether you can increase your investment into it so as to reach the target amount sooner than predicted.

        If you’re unsure how this could work, based on your own circumstances, it would be best to speak with a mortgage broker who has experience dealing with this type of repayment method.

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        Why use Online Money Advisor?

        Here’s how the mortgage brokers we work with will be able to help you decide whether overpaying on your mortgage is the right decision for you and, if so, how much this should be:

        • Understanding how much you can overpay by. They’ll look at your existing mortgage lender’s terms and conditions to see exactly how much you’re allowed to overpay by and how this compares with other lenders.
        • Budgeting for the right amount. Once you’ve decided you want to make an overpayment on your mortgage your broker will conduct a review of your finances with you so you can make a clear decision on an amount that will suit you best.
        • Finding the right lender. If your existing lender’s overpayment terms don’t fit with what you want to do, your mortgage broker will help identify those who can.

        What you should do next

        Our free unique broker-matching service is designed to match you with the right mortgage broker who can deal with your exact requirements – first time! So get in touch or call us on 0808 189 0463 and we’ll make sure a mortgage overpayment specialist contacts you straight away to discuss further.

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        We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. Ask us a question and we'll get the best expert to help.

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        Pete Mugleston

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us as well as any of our own are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.