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Mortgage overpayment calculator
Our mortgage overpayment calculator helps you by showing how much you could benefit by making overpayments every month. Keep reading to see how our mortgage overpayment calculator works, and how it can influence how much you pay in mortgage costs every month.
How to use our mortgage overpayment calculator
To calculate the implications of mortgage overpayments with our calculator, follow these steps:
- Enter in your current mortgage balance.
- Enter in the number of years left on your mortgage.
- Enter in the interest rate you’re paying on your mortgage.
- Enter in the amount you want to pay in overpayments every month.
- Click calculate.
How the mortgage overpayment calculator works
Our mortgage overpayment calculator helps homeowners who are interested in paying off their mortgage faster than they would by simply paying the bank-recommended minimum.
By declaring how much you’d like to overpay every month, our calculator will show you adjusted results that include your adjusted monthly payment size, and how many fewer years and months it will take you to pay off your mortgage with a more aggressive overpayment approach.
Why should I use it?
The faster you pay off your mortgage, the less you’ll have to pay in interest over the lifespan of the loan. So if you’ve got some extra capital on your hands every month, submitting even small monthly overpayments can help you pay off your home in full faster, saving you interest costs in the process.
If you’ve already fully paid off your credit card and other debts that carry higher interest rates, trimming the size of your home loan interest costs can be a smart way to save money.
What is mortgage overpayment?
Mortgage overpayment refers to the process of paying more towards your mortgage every month than required by your lender. Every pound that you overpay on your mortgage means you’ll pay less overall in interest costs over the length of your loan.