Mortgage Calculator with Overpayments
Work out monthly mortgage payments and see how much overpaying could save you. Free.
In plain words: Enter the loan, interest rate and term to see your monthly payment, then add a monthly overpayment to see the interest and time you'd save. Your lender's figures are final.
How to Use Mortgage Calculator with Overpayments
- Enter your Mortgage Loan Amount (£), Interest Rate (%) and Mortgage Term (Years).
- See your standard monthly repayment and the total interest you would pay over the full term.
- Add a Monthly Overpayment (e.g. £150) to see how much interest you save, your new monthly total, and how many years and months earlier you become mortgage-free.
How Mortgage Overpayments Can Save Thousands
In the early years of a standard 25- or 30-year repayment mortgage, the majority of your monthly payment goes toward paying interest rather than reducing the loan balance. Because any monthly overpayment goes 100% toward reducing the principal debt immediately, you stop paying compound interest on that slice of debt for the entire remainder of the mortgage term.
For example, on a £250,000 mortgage at 4.75% over 25 years, overpaying by £150 per month cuts about 4 years and 1 month off your mortgage and saves around £33,000 in interest (assuming the rate stays the same for the whole term). Real mortgages usually change rate when a fixed deal ends, so treat the results as an estimate.