Making overpayments on your mortgage should mean you pay it off quicker and pay less interest overall – enter your details into this calculator to get an idea of how much faster and how much you could save.
Your mortgage details
You can find these details on your most recent statement. If you have more than one Repayment Mortgage account, you’ll need to do separate calculations for each.
How we calculate these savings
the calculator assumes your interest rate will stay the same for the term of your mortgage
we’ve evened out the months so they’re all the same length – 30.4 days each – so monthly interest will be consistent
repayments are rounded up or down to the nearest pound
we’ve rounded time saved down to the closest month
interest is calculated daily and added monthly
interest saved is rounded up or down to the nearest pound
the calculator assumes that the overpayments illustrated remain constant throughout the term of the mortgage and are made on a monthly basis – if overpayments are made on an adhoc basis, this will reduce the amount of interest paid but not the loan term
the calculator doesn’t factor in any charges for early repayments.
Please note – the information here is for illustrative purposes only and isn’t a precise calculation. The tool doesn’t include all of the details you need to either make an overpayment or choose a mortgage. Make sure you read the separate Mortgage Illustration before you choose a mortgage.