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Mortgage Overpayments Calculator
Thinking about making an overpayment on your mortgage? Use our calculator below to find out how this can help.
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Author: Pete Mugleston - Mortgage Advisor, MD
Making overpayments on your mortgage will mean you pay less interest overall by shortening the loan term and achieve full home ownership much sooner than planned.
Use our overpayments calculator below to see how this could work for you.
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.
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.
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How to calculate your mortgage overpayments
Trying to work out how making overpayments will alter your mortgage loan by yourself will be quite tricky, if not impossible. So, here’s three simple steps to make this process much easier:
Work out exactly how much you can comfortably afford to overpay – whether as an increase to your monthly repayments or as a lump sum. If you’re looking to increase monthly repayments, be sure to review all of your outgoings so you can be confident the new amount is affordable
Use our mortgage overpayment calculator to see how these changes to your repayments will affect your loan term and the amount of interest you’ll pay overall
Before approaching your mortgage lender, speak to a mortgage broker about your plans to overpay – they will be able to help you look at a range of new mortgage options which could also contribute to your long term goal of paying less interest and reducing your mortgage term
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How this overpayment calculator works
Our mortgage overpayment calculator is very simple to use. All you need to do is input the following details:
- 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 that’s it! Our calculator will then show you your new monthly mortgage repayment (if increasing), how this could alter the loan term and the potential interest you could save.
If you’re not sure exactly how much you may wish to overpay by, you can just alter the figures for those amounts to see a range of different outcomes until you see one that best fits.
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What you should do next
Deciding exactly how much you may wish to overpay on your mortgage – and how much your lender will allow – requires careful consideration and it’s usually wise to consult the help of an expert before you proceed.
Using our unique broker matching service we can arrange for a mortgage broker we work with to speak with you about your plans and discuss in more detail how much your lender will allow you to overpay and what that amount should be.
If you get in touch or call us on 0808 189 2301 we’ll make sure an advisor, with experience dealing with these types of requests contacts you straight away.
FAQs
Yes, it’s possible but the key difference between an interest-only mortgage and capital and repayment is that the amount you owe will never reduce, so, in effect, overpaying only the interest amount won’t really change a great deal in terms of your mortgage.
To still achieve the key benefits of reducing your term and/or the interest you pay overall, you should review your repayment vehicle and assess whether you can overpay in order to reach the target amount sooner and repay the capital owed.
Speak to an expert
Calculators are great, but they don't tell you everything you need to know. If you'd prefer an expert advisor to help, fill this out!