Mortgage Overpayment Calculator
See how much you could save by overpaying your mortgage
By overpaying
£54,939 saved
Mortgage-free 6 years and 2 months sooner
Without overpay
£393,305
Total cost of mortgage
22 year term
With overpay
£338,366
Total cost of mortgage
16 years term
Your Monthly Numbers
Balance Over Time
Original mortgage vs overpayment schedule
| Year | Original Bal. | Overpay Bal. |
|---|---|---|
| Yr 1 | £214,968 | £211,269 |
| Yr 2 | £209,631 | £202,009 |
| Yr 3 | £203,970 | £192,187 |
Before you overpay
- Check your lender's early repayment charges (ERCs) -- many fixed-rate deals limit overpayments to 10% of the balance per year
- Build an emergency fund first -- once overpaid, you can't easily get the money back
- Pay off higher-interest debts (credit cards, loans) before overpaying your mortgage
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