Mortgage Overpayment Calculator
This mortgage overpayment calculator shows how paying extra toward your mortgage each month can reduce your total interest paid and shorten the term of your loan. It's a helpful tool to understand how even small additional payments can lead to significant savings over time.
Frequently Asked Questions
What is a mortgage overpayment?
A mortgage overpayment is when you pay more than your required monthly payment, helping you pay off the loan faster and reduce interest costs.
Does overpaying save interest?
Yes, overpaying reduces your principal faster, which means less interest accrues over time—resulting in significant long-term savings.
Are there penalties for overpaying?
Some lenders charge early repayment fees. Check your mortgage agreement before making large overpayments.
How often can I make overpayments?
You can typically make overpayments monthly or as lump sums, but frequency and limits depend on your lender’s terms.
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