Mortgages Overpayment Calculator

Display currencyFormatting only. This does not change the calculation.

Current loan balance

Annual interest rate (%)The nominal annual rate (APR before fees), not the monthly rate.

Loan term (years)

Term - additional monthsAdded to the term in years, for terms such as 5 years and 6 months. To state a tenure purely in months, set the years to 0 and enter the whole tenure here.

Payment frequency

Extra principal each period

One-off lump sum

Applied at payment number

A lump sum shouldLenders usually let you pick one or the other after a lump sum. Regular extra principal always shortens the term.

Penalty-free overpayment allowance (%)Some deals cap how much you may overpay in a year before an early repayment charge applies, as a percentage of the balance at the start of the year. Your mortgage offer states the figure; leave it at 0 if your loan has no cap.

Include the amortisation schedule

Interest saved by extra payments

90,074.66

Extra Payment Payoff Calculator

Payment

1,264.14

Total interest

165,011.16

Total of payments

365,011.16

Number of payments

250

Payoff time

20.833 years

Rate per period

0.541667 %

Interest per unit borrowed

0.8251

Payments saved

110

Interest without extra payments

255,085.82

Payments without extra payments

360

Years cut from the term

9.167

New payoff time

20.833 years

Overpayment planned in year one

2,400

Worked out from Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n) and 1 other source.

How this is worked out

5 steps

Scheduled payment on 200000 at 6.5% is 1264.14.
Adding 200 of principal each period changes the payoff.
Without extras: 360 payments and 255085.82 interest.
With extras: 250 payments and 165011.16 interest.
That saves 90074.66 and 110 payments (9.167 years).

Yearly summarytable

year	interest	principal	endingBalance
1	12,861.39	4,708.29	195,291.71
2	12,546.05	5,023.63	190,268.08
3	12,209.62	5,360.06	184,908.02
4	11,850.65	5,719.03	179,188.99
5	11,467.62	6,102.06	173,086.93
6	11,058.95	6,510.73	166,576.2
7	10,622.91	6,946.77	159,629.43
8	10,157.67	7,412.01	152,217.42
9	9,661.28	7,908.4	144,309.02
10	9,131.63	8,438.05	135,870.97
11	8,566.54	9,003.14	126,867.83
12	7,963.58	9,606.1	117,261.73
13	7,320.24	10,249.44	107,012.29
14	6,633.81	10,935.87	96,076.42
15	5,901.42	11,668.26	84,408.16
16	5,119.98	12,449.7	71,958.46
17	4,286.19	13,283.49	58,674.97
18	3,396.56	14,173.12	44,501.85
19	2,447.4	15,122.28	29,379.57
20	1,434.6	16,135.08	13,244.49
21	373.07	13,244.49	0

Results are general information, not financial, tax, legal, medical or engineering advice.