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Mortgage Overpayment Calculator to calculate how much faster you can pay off your mortgage and how much you can save on interest payments by overpayment.Loan Overpayment Calculator will generate an overpayment amortization schedule that shows the new monthly payment, principal, and interest payments.
Mortgage Overpayment Calculator Results | |
Standard Monthly Payment (Principal & Interest): | $719.46 |
Additional Monthly Payment: | $250.00 |
New Monthly Payment: | $969.46 |
Payoff Date: | Jul, 2040 |
Total Interest Savings: | $71,491.11 |
Mortgage Overpayment Amortization Schedule | ||||||
| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| Jun, 2024 | 1 | $600.00 | $369.46 | $969.46 | $119,630.54 | |
| Jul, 2024 | 2 | $598.15 | $371.31 | $969.46 | $119,259.23 | |
| Aug, 2024 | 3 | $596.30 | $373.16 | $969.46 | $118,886.07 | |
| Sep, 2024 | 4 | $594.43 | $375.03 | $969.46 | $118,511.04 | |
| Oct, 2024 | 5 | $592.56 | $376.91 | $969.46 | $118,134.13 | |
| Nov, 2024 | 6 | $590.67 | $378.79 | $969.46 | $117,755.34 | |
| Dec, 2024 | 7 | $588.78 | $380.68 | $969.46 | $117,374.66 | |
| Jan, 2025 | 8 | $586.87 | $382.59 | $969.46 | $116,992.07 | |
| Feb, 2025 | 9 | $584.96 | $384.50 | $969.46 | $116,607.57 | |
| Mar, 2025 | 10 | $583.04 | $386.42 | $969.46 | $116,221.15 | |
| Apr, 2025 | 11 | $581.11 | $388.35 | $969.46 | $115,832.79 | |
| May, 2025 | 12 | $579.16 | $390.30 | $969.46 | $115,442.50 | |
| Jun, 2025 | 13 | $577.21 | $392.25 | $969.46 | $115,050.25 | |
| Jul, 2025 | 14 | $575.25 | $394.21 | $969.46 | $114,656.04 | |
| Aug, 2025 | 15 | $573.28 | $396.18 | $969.46 | $114,259.86 | |
| Sep, 2025 | 16 | $571.30 | $398.16 | $969.46 | $113,861.70 | |
| Oct, 2025 | 17 | $569.31 | $400.15 | $969.46 | $113,461.54 | |
| Nov, 2025 | 18 | $567.31 | $402.15 | $969.46 | $113,059.39 | |
| Dec, 2025 | 19 | $565.30 | $404.16 | $969.46 | $112,655.23 | |
| Jan, 2026 | 20 | $563.28 | $406.18 | $969.46 | $112,249.04 | |
| Feb, 2026 | 21 | $561.25 | $408.22 | $969.46 | $111,840.83 | |
| Mar, 2026 | 22 | $559.20 | $410.26 | $969.46 | $111,430.57 | |
| Apr, 2026 | 23 | $557.15 | $412.31 | $969.46 | $111,018.26 | |
| May, 2026 | 24 | $555.09 | $414.37 | $969.46 | $110,603.89 | |
| Jun, 2026 | 25 | $553.02 | $416.44 | $969.46 | $110,187.45 | |
| Jul, 2026 | 26 | $550.94 | $418.52 | $969.46 | $109,768.93 | |
| Aug, 2026 | 27 | $548.84 | $420.62 | $969.46 | $109,348.31 | |
| Sep, 2026 | 28 | $546.74 | $422.72 | $969.46 | $108,925.59 | |
| Oct, 2026 | 29 | $544.63 | $424.83 | $969.46 | $108,500.76 | |
| Nov, 2026 | 30 | $542.50 | $426.96 | $969.46 | $108,073.80 | |
| Dec, 2026 | 31 | $540.37 | $429.09 | $969.46 | $107,644.71 | |
| Jan, 2027 | 32 | $538.22 | $431.24 | $969.46 | $107,213.48 | |
| Feb, 2027 | 33 | $536.07 | $433.39 | $969.46 | $106,780.08 | |
| Mar, 2027 | 34 | $533.90 | $435.56 | $969.46 | $106,344.52 | |
| Apr, 2027 | 35 | $531.72 | $437.74 | $969.46 | $105,906.78 | |
| May, 2027 | 36 | $529.53 | $439.93 | $969.46 | $105,466.86 | |
| Jun, 2027 | 37 | $527.33 | $442.13 | $969.46 | $105,024.73 | |
| Jul, 2027 | 38 | $525.12 | $444.34 | $969.46 | $104,580.39 | |
| Aug, 2027 | 39 | $522.90 | $446.56 | $969.46 | $104,133.84 | |
| Sep, 2027 | 40 | $520.67 | $448.79 | $969.46 | $103,685.04 | |
| Oct, 2027 | 41 | $518.43 | $451.04 | $969.46 | $103,234.01 | |
| Nov, 2027 | 42 | $516.17 | $453.29 | $969.46 | $102,780.72 | |
| Dec, 2027 | 43 | $513.90 | $455.56 | $969.46 | $102,325.16 | |
| Jan, 2028 | 44 | $511.63 | $457.83 | $969.46 | $101,867.33 | |
| Feb, 2028 | 45 | $509.34 | $460.12 | $969.46 | $101,407.20 | |
| Mar, 2028 | 46 | $507.04 | $462.42 | $969.46 | $100,944.78 | |
| Apr, 2028 | 47 | $504.72 | $464.74 | $969.46 | $100,480.04 | |
| May, 2028 | 48 | $502.40 | $467.06 | $969.46 | $100,012.98 | |
| Jun, 2028 | 49 | $500.06 | $469.40 | $969.46 | $99,543.59 | |
| Jul, 2028 | 50 | $497.72 | $471.74 | $969.46 | $99,071.84 | |
| Aug, 2028 | 51 | $495.36 | $474.10 | $969.46 | $98,597.74 | |
| Sep, 2028 | 52 | $492.99 | $476.47 | $969.46 | $98,121.27 | |
| Oct, 2028 | 53 | $490.61 | $478.85 | $969.46 | $97,642.41 | |
| Nov, 2028 | 54 | $488.21 | $481.25 | $969.46 | $97,161.17 | |
| Dec, 2028 | 55 | $485.81 | $483.65 | $969.46 | $96,677.51 | |
| Jan, 2029 | 56 | $483.39 | $486.07 | $969.46 | $96,191.44 | |
| Feb, 2029 | 57 | $480.96 | $488.50 | $969.46 | $95,702.93 | |
| Mar, 2029 | 58 | $478.51 | $490.95 | $969.46 | $95,211.99 | |
| Apr, 2029 | 59 | $476.06 | $493.40 | $969.46 | $94,718.59 | |
| May, 2029 | 60 | $473.59 | $495.87 | $969.46 | $94,222.72 | |
| Jun, 2029 | 61 | $471.11 | $498.35 | $969.46 | $93,724.37 | |
| Jul, 2029 | 62 | $468.62 | $500.84 | $969.46 | $93,223.53 | |
| Aug, 2029 | 63 | $466.12 | $503.34 | $969.46 | $92,720.19 | |
| Sep, 2029 | 64 | $463.60 | $505.86 | $969.46 | $92,214.33 | |
| Oct, 2029 | 65 | $461.07 | $508.39 | $969.46 | $91,705.94 | |
| Nov, 2029 | 66 | $458.53 | $510.93 | $969.46 | $91,195.01 | |
| Dec, 2029 | 67 | $455.98 | $513.49 | $969.46 | $90,681.53 | |
| Jan, 2030 | 68 | $453.41 | $516.05 | $969.46 | $90,165.47 | |
| Feb, 2030 | 69 | $450.83 | $518.63 | $969.46 | $89,646.84 | |
| Mar, 2030 | 70 | $448.23 | $521.23 | $969.46 | $89,125.61 | |
| Apr, 2030 | 71 | $445.63 | $523.83 | $969.46 | $88,601.78 | |
| May, 2030 | 72 | $443.01 | $526.45 | $969.46 | $88,075.33 | |
| Jun, 2030 | 73 | $440.38 | $529.08 | $969.46 | $87,546.25 | |
| Jul, 2030 | 74 | $437.73 | $531.73 | $969.46 | $87,014.52 | |
| Aug, 2030 | 75 | $435.07 | $534.39 | $969.46 | $86,480.13 | |
| Sep, 2030 | 76 | $432.40 | $537.06 | $969.46 | $85,943.07 | |
| Oct, 2030 | 77 | $429.72 | $539.75 | $969.46 | $85,403.32 | |
| Nov, 2030 | 78 | $427.02 | $542.44 | $969.46 | $84,860.88 | |
| Dec, 2030 | 79 | $424.30 | $545.16 | $969.46 | $84,315.72 | |
| Jan, 2031 | 80 | $421.58 | $547.88 | $969.46 | $83,767.84 | |
| Feb, 2031 | 81 | $418.84 | $550.62 | $969.46 | $83,217.22 | |
| Mar, 2031 | 82 | $416.09 | $553.37 | $969.46 | $82,663.84 | |
| Apr, 2031 | 83 | $413.32 | $556.14 | $969.46 | $82,107.70 | |
| May, 2031 | 84 | $410.54 | $558.92 | $969.46 | $81,548.78 | |
| Jun, 2031 | 85 | $407.74 | $561.72 | $969.46 | $80,987.06 | |
| Jul, 2031 | 86 | $404.94 | $564.53 | $969.46 | $80,422.54 | |
| Aug, 2031 | 87 | $402.11 | $567.35 | $969.46 | $79,855.19 | |
| Sep, 2031 | 88 | $399.28 | $570.18 | $969.46 | $79,285.01 | |
| Oct, 2031 | 89 | $396.43 | $573.04 | $969.46 | $78,711.97 | |
| Nov, 2031 | 90 | $393.56 | $575.90 | $969.46 | $78,136.07 | |
| Dec, 2031 | 91 | $390.68 | $578.78 | $969.46 | $77,557.29 | |
| Jan, 2032 | 92 | $387.79 | $581.67 | $969.46 | $76,975.62 | |
| Feb, 2032 | 93 | $384.88 | $584.58 | $969.46 | $76,391.03 | |
| Mar, 2032 | 94 | $381.96 | $587.51 | $969.46 | $75,803.53 | |
| Apr, 2032 | 95 | $379.02 | $590.44 | $969.46 | $75,213.08 | |
| May, 2032 | 96 | $376.07 | $593.40 | $969.46 | $74,619.69 | |
| Jun, 2032 | 97 | $373.10 | $596.36 | $969.46 | $74,023.33 | |
| Jul, 2032 | 98 | $370.12 | $599.34 | $969.46 | $73,423.98 | |
| Aug, 2032 | 99 | $367.12 | $602.34 | $969.46 | $72,821.64 | |
| Sep, 2032 | 100 | $364.11 | $605.35 | $969.46 | $72,216.29 | |
| Oct, 2032 | 101 | $361.08 | $608.38 | $969.46 | $71,607.91 | |
| Nov, 2032 | 102 | $358.04 | $611.42 | $969.46 | $70,996.49 | |
| Dec, 2032 | 103 | $354.98 | $614.48 | $969.46 | $70,382.01 | |
| Jan, 2033 | 104 | $351.91 | $617.55 | $969.46 | $69,764.46 | |
| Feb, 2033 | 105 | $348.82 | $620.64 | $969.46 | $69,143.82 | |
| Mar, 2033 | 106 | $345.72 | $623.74 | $969.46 | $68,520.08 | |
| Apr, 2033 | 107 | $342.60 | $626.86 | $969.46 | $67,893.22 | |
| May, 2033 | 108 | $339.47 | $629.99 | $969.46 | $67,263.23 | |
| Jun, 2033 | 109 | $336.32 | $633.14 | $969.46 | $66,630.08 | |
| Jul, 2033 | 110 | $333.15 | $636.31 | $969.46 | $65,993.77 | |
| Aug, 2033 | 111 | $329.97 | $639.49 | $969.46 | $65,354.28 | |
| Sep, 2033 | 112 | $326.77 | $642.69 | $969.46 | $64,711.59 | |
| Oct, 2033 | 113 | $323.56 | $645.90 | $969.46 | $64,065.69 | |
| Nov, 2033 | 114 | $320.33 | $649.13 | $969.46 | $63,416.56 | |
| Dec, 2033 | 115 | $317.08 | $652.38 | $969.46 | $62,764.18 | |
| Jan, 2034 | 116 | $313.82 | $655.64 | $969.46 | $62,108.54 | |
| Feb, 2034 | 117 | $310.54 | $658.92 | $969.46 | $61,449.62 | |
| Mar, 2034 | 118 | $307.25 | $662.21 | $969.46 | $60,787.41 | |
| Apr, 2034 | 119 | $303.94 | $665.52 | $969.46 | $60,121.88 | |
| May, 2034 | 120 | $300.61 | $668.85 | $969.46 | $59,453.03 | |
| Jun, 2034 | 121 | $297.27 | $672.20 | $969.46 | $58,780.84 | |
| Jul, 2034 | 122 | $293.90 | $675.56 | $969.46 | $58,105.28 | |
| Aug, 2034 | 123 | $290.53 | $678.93 | $969.46 | $57,426.35 | |
| Sep, 2034 | 124 | $287.13 | $682.33 | $969.46 | $56,744.02 | |
| Oct, 2034 | 125 | $283.72 | $685.74 | $969.46 | $56,058.28 | |
| Nov, 2034 | 126 | $280.29 | $689.17 | $969.46 | $55,369.11 | |
| Dec, 2034 | 127 | $276.85 | $692.62 | $969.46 | $54,676.49 | |
| Jan, 2035 | 128 | $273.38 | $696.08 | $969.46 | $53,980.42 | |
| Feb, 2035 | 129 | $269.90 | $699.56 | $969.46 | $53,280.86 | |
| Mar, 2035 | 130 | $266.40 | $703.06 | $969.46 | $52,577.80 | |
| Apr, 2035 | 131 | $262.89 | $706.57 | $969.46 | $51,871.23 | |
| May, 2035 | 132 | $259.36 | $710.10 | $969.46 | $51,161.12 | |
| Jun, 2035 | 133 | $255.81 | $713.66 | $969.46 | $50,447.47 | |
| Jul, 2035 | 134 | $252.24 | $717.22 | $969.46 | $49,730.25 | |
| Aug, 2035 | 135 | $248.65 | $720.81 | $969.46 | $49,009.44 | |
| Sep, 2035 | 136 | $245.05 | $724.41 | $969.46 | $48,285.02 | |
| Oct, 2035 | 137 | $241.43 | $728.04 | $969.46 | $47,556.99 | |
| Nov, 2035 | 138 | $237.78 | $731.68 | $969.46 | $46,825.31 | |
| Dec, 2035 | 139 | $234.13 | $735.33 | $969.46 | $46,089.98 | |
| Jan, 2036 | 140 | $230.45 | $739.01 | $969.46 | $45,350.97 | |
| Feb, 2036 | 141 | $226.75 | $742.71 | $969.46 | $44,608.26 | |
| Mar, 2036 | 142 | $223.04 | $746.42 | $969.46 | $43,861.84 | |
| Apr, 2036 | 143 | $219.31 | $750.15 | $969.46 | $43,111.69 | |
| May, 2036 | 144 | $215.56 | $753.90 | $969.46 | $42,357.79 | |
| Jun, 2036 | 145 | $211.79 | $757.67 | $969.46 | $41,600.12 | |
| Jul, 2036 | 146 | $208.00 | $761.46 | $969.46 | $40,838.66 | |
| Aug, 2036 | 147 | $204.19 | $765.27 | $969.46 | $40,073.39 | |
| Sep, 2036 | 148 | $200.37 | $769.09 | $969.46 | $39,304.30 | |
| Oct, 2036 | 149 | $196.52 | $772.94 | $969.46 | $38,531.36 | |
| Nov, 2036 | 150 | $192.66 | $776.80 | $969.46 | $37,754.55 | |
| Dec, 2036 | 151 | $188.77 | $780.69 | $969.46 | $36,973.86 | |
| Jan, 2037 | 152 | $184.87 | $784.59 | $969.46 | $36,189.27 | |
| Feb, 2037 | 153 | $180.95 | $788.51 | $969.46 | $35,400.76 | |
| Mar, 2037 | 154 | $177.00 | $792.46 | $969.46 | $34,608.30 | |
| Apr, 2037 | 155 | $173.04 | $796.42 | $969.46 | $33,811.88 | |
| May, 2037 | 156 | $169.06 | $800.40 | $969.46 | $33,011.48 | |
| Jun, 2037 | 157 | $165.06 | $804.40 | $969.46 | $32,207.08 | |
| Jul, 2037 | 158 | $161.04 | $808.43 | $969.46 | $31,398.65 | |
| Aug, 2037 | 159 | $156.99 | $812.47 | $969.46 | $30,586.19 | |
| Sep, 2037 | 160 | $152.93 | $816.53 | $969.46 | $29,769.66 | |
| Oct, 2037 | 161 | $148.85 | $820.61 | $969.46 | $28,949.04 | |
| Nov, 2037 | 162 | $144.75 | $824.72 | $969.46 | $28,124.33 | |
| Dec, 2037 | 163 | $140.62 | $828.84 | $969.46 | $27,295.49 | |
| Jan, 2038 | 164 | $136.48 | $832.98 | $969.46 | $26,462.51 | |
| Feb, 2038 | 165 | $132.31 | $837.15 | $969.46 | $25,625.36 | |
| Mar, 2038 | 166 | $128.13 | $841.33 | $969.46 | $24,784.02 | |
| Apr, 2038 | 167 | $123.92 | $845.54 | $969.46 | $23,938.48 | |
| May, 2038 | 168 | $119.69 | $849.77 | $969.46 | $23,088.72 | |
| Jun, 2038 | 169 | $115.44 | $854.02 | $969.46 | $22,234.70 | |
| Jul, 2038 | 170 | $111.17 | $858.29 | $969.46 | $21,376.41 | |
| Aug, 2038 | 171 | $106.88 | $862.58 | $969.46 | $20,513.83 | |
| Sep, 2038 | 172 | $102.57 | $866.89 | $969.46 | $19,646.94 | |
| Oct, 2038 | 173 | $98.23 | $871.23 | $969.46 | $18,775.72 | |
| Nov, 2038 | 174 | $93.88 | $875.58 | $969.46 | $17,900.13 | |
| Dec, 2038 | 175 | $89.50 | $879.96 | $969.46 | $17,020.17 | |
| Jan, 2039 | 176 | $85.10 | $884.36 | $969.46 | $16,135.81 | |
| Feb, 2039 | 177 | $80.68 | $888.78 | $969.46 | $15,247.03 | |
| Mar, 2039 | 178 | $76.24 | $893.23 | $969.46 | $14,353.81 | |
| Apr, 2039 | 179 | $71.77 | $897.69 | $969.46 | $13,456.12 | |
| May, 2039 | 180 | $67.28 | $902.18 | $969.46 | $12,553.94 | |
| Jun, 2039 | 181 | $62.77 | $906.69 | $969.46 | $11,647.24 | |
| Jul, 2039 | 182 | $58.24 | $911.22 | $969.46 | $10,736.02 | |
| Aug, 2039 | 183 | $53.68 | $915.78 | $969.46 | $9,820.24 | |
| Sep, 2039 | 184 | $49.10 | $920.36 | $969.46 | $8,899.88 | |
| Oct, 2039 | 185 | $44.50 | $924.96 | $969.46 | $7,974.92 | |
| Nov, 2039 | 186 | $39.87 | $929.59 | $969.46 | $7,045.33 | |
| Dec, 2039 | 187 | $35.23 | $934.23 | $969.46 | $6,111.10 | |
| Jan, 2040 | 188 | $30.56 | $938.91 | $969.46 | $5,172.19 | |
| Feb, 2040 | 189 | $25.86 | $943.60 | $969.46 | $4,228.59 | |
| Mar, 2040 | 190 | $21.14 | $948.32 | $969.46 | $3,280.28 | |
| Apr, 2040 | 191 | $16.40 | $953.06 | $969.46 | $2,327.22 | |
| May, 2040 | 192 | $11.64 | $957.82 | $969.46 | $1,369.39 | |
| Jun, 2040 | 193 | $6.85 | $962.61 | $969.46 | $406.78 | |
| Jul, 2040 | 194 | $2.03 | $406.78 | $408.81 | $0.00 | |
Original vs. Mortgage Overpayment
| Original | Overpayment | |
|---|---|---|
| Monthly Payment | $719.46 | $969.46 |
| Total Interest | $139,005.83 | $67,514.71 |
| Total Principal | $120,000.00 | $120,000.00 |
| Total Payment | $259,005.83 | $187,514.71 |
| Total Interest Savings | $0 | $71,491.11 |
| Payoff Date | May, 2054 | Jul, 2040 |
What is a mortgage overpayment?
A mortgage overpayment is when you make a payment that is larger than your regular monthly mortgage payment.A mortgage overpayment towards the principal reduces your mortgage balance and saves you interest payments.Depending on the size and frequency of your overpayments, you may be able to shorten the length of your mortgage term by a few years and save thousands of dollars.
How does mortgage overpayment work?
Before you start making overpayments on your mortgage, contact the mortgage lender and make sure that there is no penalty or limit on how much you can overpay each year.Some lenders charge a fee when borrowers pay off their mortgages earlier, and some others have a 10% annual overpayment limit of your total mortgage balance.In addition, you should also make sure the overpayment goes towards the principal and not as an early mortgage payment. Paying early doesn't reduce your interest payments, reducing the mortgage balance does.
What is the maximum amount you can overpay for your mortgage?
It depends on your lender. Some lenders allow you to overpay only 10% of your mortgage balance while others have no limit, meaning you can overpay as much as you can afford to.You should consult your lender to check if there are any fees or rules for overpayment.
Does the extra payment on overpayment automatically reduce the principal?
While many lenders automatically reduce your principal when you overpay your mortgage, some lenders will use the overpayment as an early payment for your next billing cycle.You want to make sure the extra payment is to be used for principal reduction so that you can save on interest payments.
Is it a good idea to overpay your mortgage?
It depends on your personal situation. If you can afford the overpayment and have no need for the extra money, by all means, do it as it will save you money over the course of the mortgage.However, if you have other debts with higher interest rates, you should pay off this debt first. Also, if making the overpayment will cause you to change your lifestyle considerably, you may not want to make overpayments.If you need the money for other investments or business ventures that might offer a higher return than the mortgage interest you are paying, then overpayment may not be the best choice.
What happens if I pay an extra $500 a month on my mortgage?
If you consistently pay an extra $500 on your mortgage, chances are you will save tons of money on interest and will be able to pay off your mortgage years earlier.You can use the mortgage overpayment calculator to calculate exactly how much you can save. All you have to do is input your mortgage amount, interest rate, term, and the overpayment amount which is $500 in this case.The mortgage overpayment calculator will show you the savings and the new payoff date. You will also get a new mortgage overpayment amortization schedule with your monthly payment details.
