Overpaying a £475,000 Mortgage Balance
Estimated time and interest saved overpaying a £475,000 balance at 4.8%, with 20 years remaining.
| Monthly Overpayment | Time Saved | Interest Saved |
|---|---|---|
| £50 | 6 months | £7,869 |
| £100 | 12 months | £15,263 |
| £200 | 23 months | £28,794 |
| £500 | 50 months | £61,566 |
Use your own rate and term
Optional. Defaults to the standard scheduled payment for your balance/rate/term.
Extra amount paid on top of your regular payment each month
A single lump sum paid off the balance today
Overpayment impact
Time Saved
1 year
Without overpayments
With overpayments
Assumes a fixed interest rate for the whole remaining term. Some mortgage deals cap the amount you can overpay each year (often 10% of the balance) without an early repayment charge - check your mortgage terms before overpaying.
Why small overpayments add up
Every pound you overpay reduces the balance interest is calculated on for the rest of the mortgage, not just that month - so the saving compounds over the remaining term. That's why even a modest, sustainable monthly overpayment tends to save more in total interest than its simple multiplication would suggest.
Other balances
Have a one-off lump sum too?
Use the full calculator to combine a lump sum with monthly overpayments.