Enter your balance, rate and overpayment to see the interest saved, the new term and the month the mortgage would end.
Your normal monthly payment is worked out on a repayment basis from the balance, your rate and the years left. The mortgage then runs month by month with the extra payment added and any lump sum paid off now, and the interest is compared with the interest on your normal payments.
Your monthly payment stays the same, so overpaying shortens the term. Some lenders lower the monthly payment instead, which saves less interest. Your rate stays the same for the whole term. The rate starts at 0% until you enter yours.
Whether overpaying suits you better than saving, investing or paying into a pension depends on your circumstances. If your mortgage has an early repayment charge, its terms set out how much you can overpay each year before the charge applies.
This is information. It is not a personal recommendation. Whether any of it is right for you depends on your circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage.
That depends on your mortgage. If it has an early repayment charge, its terms set out how much you can overpay each year before the charge applies.
Not in these figures: the payment stays the same and the mortgage ends sooner. Some lenders reduce the payment after an overpayment instead. Your lender can tell you which it does.
Overpaying cuts the interest you pay and can shorten the term. Check your lender's allowance and compare it with other debts, pension contributions and savings.
Read the answer →Buying a first home, remortgaging when a deal ends and buying a property to let each come with their own lending tests and their own property tax.
Read the answer →Enter your balance, both rates and the costs of switching to compare the monthly payments and see how long the saving takes to cover the costs.
Work it out →Debts to clear, plus the income that would have to be replaced, less what is already in place.
Work it out →Eight questions on retirement, protection, savings, your mortgage, your estate and your day-to-day money give a first score. The other 17 complete the written report.
Start →Your first call is with an Account Manager and is at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.