Mortgage Overpayment Calculator
Updated on 20 Oct 2026 · Checked by Aotob
Paying $200 extra a month saves $44,432 in interest.
You would be mortgage-free 5 yrs 2 mos sooner, in 19 yrs 10 mos instead of 25 yrs, on $250,000 at 5%.
Interest you save
$44,432
Every $1 you overpay saves about $0.93 in interest. Check your lender’s overpayment limit first.
Show the working
Payment now = 1,461.48 for 300 months, interest 188,443
With 200 extra: 238 months, interest 144,011
Saved = 44,432
Balance left over time
Saving by overpayment
| Extra a month | Mortgage-free in | Interest saved |
|---|---|---|
| 50 | 23 yrs 6 mos | 13,676 |
| 100 | 22 yrs 1 mo | 25,382 |
| 200 | 19 yrs 10 mos | 44,432 |
| 300 | 18 yrs | 59,322 |
| 500 | 15 yrs 3 mos | 81,204 |
| 1,000 | 11 yrs 1 mo | 112,709 |
Questions people ask
Is it better to overpay or save?
Overpaying earns you your mortgage rate, tax-free and risk-free. If your savings rate after tax is lower than your mortgage rate, overpaying usually wins, once you have an emergency fund.
Are there limits on overpaying?
Many fixed-rate mortgages, especially in the UK, allow up to 10% of the balance a year without an early repayment charge. Most US mortgages have no prepayment penalty. Check your loan terms.
Does this lower my payment or my term?
This shows the payment staying the same so the loan ends sooner, which saves the most interest. Some lenders can lower your payment instead.
Updated 20 Oct 2026Source: standard mortgage amortization formulaChecked by AotobAn estimate, not financial adviceReport an issue