Mortgage
What would overpaying your mortgage actually save?
See the interest and time a monthly overpayment could save you.
Mortgage overpayment calculator
See how much interest and time a monthly overpayment could save you
Current monthly payment
£1,075
before overpayment
Time saved
4y 2m
off the mortgage
Interest saved
£21,834
over the full term
Assumes a repayment (not interest-only) mortgage with a fixed rate for the full remaining term. Real mortgages often change rate at the end of a fixed period, which this doesn't model. Check your lender's overpayment allowance — most cap penalty-free overpayments at 10% of the balance per year.
Overpaying comes straight off your capital balance, so you stop paying interest on that amount for the rest of the mortgage — even a modest monthly overpayment can cut years off the term and save thousands in interest, because mortgage interest compounds over decades. Most UK lenders allow overpayments up to 10% of the outstanding balance each year without an early repayment charge; going beyond that limit can trigger a penalty, so it's worth checking your specific mortgage terms before committing to a regular overpayment.
Frequently asked questions
How much can I overpay my mortgage without a penalty?
Most UK lenders allow overpayments of up to 10% of the outstanding balance each year without an early repayment charge, though this varies by lender.
Does overpaying my mortgage save money?
Yes — overpayments come off your capital balance directly, so you stop paying interest on that amount for the rest of the term, which can meaningfully cut both the total interest and the time left on the mortgage.