Mortgage Overpayments Calculator

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

Why use this mortgage overpayments calculator?

The calculations for 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 seconds.

So, immediately, 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
• The 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! You’ll now see your new monthly repayment and an illustration showing how the loan term and potential interest savings could change.

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 your requirements.

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 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 is to review your repayment vehicle’s position and consider whether you can increase your investment in it so as to reach the target amount sooner than predicted.

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

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 can overpay 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 review your finances so you can decide on an amount that will suit you best.
• Finding the right lender. If your existing lender’s overpayment terms don’t fit 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 meet your requirements – the first time! So get in touch or call us on 0330 822 0505, and we’ll ensure a mortgage overpayment specialist contacts you straight away to discuss this further.