Overpayment calculator
How this calculator works
This calculator illustrates how making overpayments could reduce your mortgage balance and the amount of interest you pay. This may help you to pay off your mortgage earlier or give you more options in the future.
What you’ll need
You’ll need to know the outstanding balance, repayment type (interest only, capital & interest, part & part), remaining term and current interest rate of your mortgage.
Find out how to see up to date information about your mortgage.
How it works
- Step 1: Enter details of your mortgage.
- Step 2: Enter details of the overpayments you want to make.
- Step 3: Check out your results and consider your next steps.
If you have a part & part mortgage, or your mortgage has sub-accounts with different repayment types, terms or interest rates, you’ll need to enter overpayment details for each part separately.
Please note – this calculator provides results based on assumptions that may not apply to your mortgage. The results are indicative, and you should use them only as a guide to the impact of overpayments on your mortgage.
Your mortgage
How this calculator works
This calculator illustrates how making overpayments could reduce your mortgage balance and the amount of interest you pay. This may help you to pay off your mortgage earlier or give you more options in the future.
What you’ll need
You’ll need to know the outstanding balance, repayment type (interest only, capital & interest, part & part), remaining term and current interest rate of your mortgage.
Find out how to see up to date information about your mortgage.
How it works
- Step 1: Enter details of your mortgage.
- Step 2: Enter details of the overpayments you want to make.
- Step 3: Check out your results and consider your next steps.
If you have a part & part mortgage, or your mortgage has sub-accounts with different repayment types, terms or interest rates, you’ll need to enter overpayment details for each part separately.
Please note – this calculator provides results based on assumptions that may not apply to your mortgage. The results are indicative, and you should use them only as a guide to the impact of overpayments on your mortgage.
Your results
You haven’t told us about any monthly or lump overpayments. Please enter details of the overpayments you’re considering making to see how your mortgage could be affected.
If you make:
- Regular overpayments of per month
In addition to your normal monthly payment of
We estimate you could:
Save in interestover the term of your mortgage.
Remember – our calculator assumes your normal monthly payment stays the same over the remaining term of your mortgage. That’s unlikely to happen. Your payment may go up or down for several reasons, such as if your interest rate changes or you make a lump sum overpayment. We may sometimes recalculate your monthly payment once a year, close to the time we send your annual statement.
When your normal monthly payment changes, you’ll need to check the total amount you’re paying each month and tell us if you want to make any adjustments.
Next stepsThe table below shows an estimate of how your overpayments could affect your mortgage.
Please note – this calculator provides results based on assumptions that may not apply to your mortgage. The results are indicative, and you should use them only as a guide to the impact of overpayments on your mortgage.
Next stepsYour next steps
Making a lump sum overpayment or regular monthly overpayments will reduce your mortgage balance and the amount of interest you pay.
However, please think carefully before making any overpayments. We won’t assess whether they are affordable for you, so you should consider your budget and essential expenditure. We can’t offer additional borrowing in future and, depending on your terms and conditions, you may not be able to ask for the overpayments back.
When you make overpayments, your mortgage term won’t automatically reduce. We’ll often recalculate your monthly payment based on your reduced balance or if there’s an interest rate change in the future. We may sometimes recalculate your monthly payment once a year, close to the time we send your annual statement.
If you’re making overpayments to pay off your mortgage sooner, you’ll need to contact us so we can take you through your options. Please see our main overpayments page for more details.
Make a lump sum overpayment
You can make a lump sum overpayment using Self-Serve, bank transfer, cheque or by debit card over the phone.
Set up regular monthly overpayments
You can quickly set up regular monthly overpayments by calling us or sending us a secure message in Self-Serve.