Use this calculator to estimate how a monthly overpayment could reduce your mortgage term and how much interest it might save. Results are illustrative and assume a constant interest rate.
What this calculator shows
- Your baseline monthly payment (no overpayment)
- An estimated new payoff date if you add a monthly overpayment
- Approximate interest saved and time saved
FAQs
Does overpaying reduce my monthly payment or the term?
It depends on how your lender applies overpayments. Many borrowers choose to reduce the term. This calculator models overpayments as reducing the term while keeping payments the same.
Are there limits or fees for overpaying?
Some mortgages have overpayment limits and early repayment charges. Check your lender’s rules before making changes.
Is this financial advice?
No. This is an information-only calculator to help you understand the maths. If you’d like a sense-check in your situation, contact us.
Disclaimer: Information only, not financial advice. Results are illustrative and may differ based on your mortgage product, fees, and interest-rate changes.