What does paying a little more save?
See the interest saved, the new debt-free date and whether an early-repayment charge changes the answer. Then compare the mortgage's guaranteed saving with cash interest after tax.
Free to useNo account neededYour figures stay in your browserSaved only when you choose
Saved setupsNothing is saved automatically
Interest saved
£47,075
6y 7m cut from the mortgage after the estimated £0 early-repayment charge.
Before and after
| Current plan | With overpayment | |
|---|---|---|
| Monthly payment | £1,206.22 | £1,406.22 |
| Time left | 27 years | 20y 5m |
| Interest from today | £170,814 | £123,740 |
| Interest reduction | £47,075 |
What this means
- Overpaying has the higher guaranteed rateYour mortgage costs 4.75% while savings earn about 3.4% after the tax assumption.
- Keep accessible cash firstMoney paid into the mortgage is harder to retrieve. Keep a suitable emergency fund before committing spare cash.
- Inside the stated allowanceThe first-year overpayment stays within the allowance you entered.
Assumes the rate and contractual payment stay constant. Confirm overpayment limits with your lender. Not financial advice.
Method
How this calculation works
Both schedules use standard monthly repayment amortisation. The overpayment schedule applies your lump sum immediately and adds the monthly extra to the contractual payment until the balance reaches zero. ERC exposure compares first-year overpayments with the allowance entered.
Rates and assumptions
Every planning assumption is editable in the calculator.
Full Plainly methodology