Some lenders take your overpayments and use them to reduce your monthly payments rather than your term, so make sure with them before you begin that the overpayments you make will have the desired effect. Some mortgages restrict the amount of cash you can overpay and have early repayment charges, so speak to your lender for details. It uses certain assumptions and indicates the interest you will save. Our calculator is for demonstration only and should not be relied upon as an absolute figure. Making an overpayment will reduce the amount of interest you are charged. It shows you how much time and money you will save. This lets you know the impact of monthly overpayments on your mortgage. Once you have keyed these inputs, press 'Calculate' and the result will appear.
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