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Mortgage Overpayments calculator

The Mortgage Overpayments calculator calculates the time and interest saved paying off a loan when making regular monthly overpayments. The overpayments are made after the start of the loan, are paid monthly in addition to the standard monthly mortgage payments and remain constant throughout the term of the loan.

Interest Rates - The calculator assumes that interest rates will remain the same.

Overpayments - The calculator assumes that the overpayments illustrated remain constant throughout the life of the loan and are made on a monthly basis. If overpayments are made on an adhoc basis, this will reduce the standard monthly repayment not the projected loan term.

Warning - The information provided by this tool is for guidance, and does not include all of the details you need to choose a mortgage. Please ensure you obtain and review a separate Key Facts Illustration Tooltip: The Key Facts Illustration (KFI) gives you tailored information based on a particular mortgage product and the level of lending you require. It contains important information including all associated rates and fees, the overall cost of the mortgage and your monthly payments. before you make a decision. To obtain a KFI, please use the Find and Compare tool and select a suitable mortgage product.

Calculator Assumptions

Length of Month - Months are of equal length. However given some months are longer than others interest charged will vary depending upon the month.

Number of Weeks & Fortnights in a Year - One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.

Rounding of Payment Amounts - The calculator uses the unrounded payment to derive the amount of interest payable over the full term of the loan, however, institutions round payments to the nearest pence. Unrounded payments provide for constant line within the graph. Note that the final payment after the increase in payment amount will be a partial payment as required to reduce the loan balance to zero.

Rounding of Time Saved - The time saved is presented as year/month saved. The figure is round down to the closest month thus slightly understates the saving.

Amount of Interest Saved - This number is not rounded and is approximated from the time saved and does not take into account any interest payable on the balance in the final month where it is not a complete month.

Interest Rates - The calculator assumes that interest rates will remain the same.

Overpayments - The calculator assumes that the overpayments illustrated remains constant throughout the life of the loan and are made on a monthly basis. If overpayments are made on an adhoc basis, this will reduce the standard monthly payment not the projected loan term.

The calculator does not factor in any charges for early repayments and is based on a capital repayment mortgage.

In order to set up an overpayment you will need to contact us once your mortgage is opened. Lines are open 08.00-18.00 Mon-Fri and 08.00-17.30 Sat.

The figures provided by the calculator are a guide only and are not a precise calculation.

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