Mortgage Overpayment Calculator

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.

Loan Overpayment Calculator
Mortgage Amount	$	Loan Terms	years
Interest Rate		Monthly Overpayment	$

Mortgage Overpayment Calculator Results
Standard Monthly Payment (Principal & Interest):	$719.46
Additional Monthly Payment:	$250.00
New Monthly Payment:	$969.46
Payoff Date:	Jul, 2042
Total Interest Savings:	$71,491.11

Mortgage Overpayment Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Jun, 2026	1	$600.00	$369.46	$969.46	$119,630.54
Jul, 2026	2	$598.15	$371.31	$969.46	$119,259.23
Aug, 2026	3	$596.30	$373.16	$969.46	$118,886.07
Sep, 2026	4	$594.43	$375.03	$969.46	$118,511.04
Oct, 2026	5	$592.56	$376.91	$969.46	$118,134.13
Nov, 2026	6	$590.67	$378.79	$969.46	$117,755.34
Dec, 2026	7	$588.78	$380.68	$969.46	$117,374.66
Jan, 2027	8	$586.87	$382.59	$969.46	$116,992.07
Feb, 2027	9	$584.96	$384.50	$969.46	$116,607.57
Mar, 2027	10	$583.04	$386.42	$969.46	$116,221.15
Apr, 2027	11	$581.11	$388.35	$969.46	$115,832.79
May, 2027	12	$579.16	$390.30	$969.46	$115,442.50
Jun, 2027	13	$577.21	$392.25	$969.46	$115,050.25
Jul, 2027	14	$575.25	$394.21	$969.46	$114,656.04
Aug, 2027	15	$573.28	$396.18	$969.46	$114,259.86
Sep, 2027	16	$571.30	$398.16	$969.46	$113,861.70
Oct, 2027	17	$569.31	$400.15	$969.46	$113,461.54
Nov, 2027	18	$567.31	$402.15	$969.46	$113,059.39
Dec, 2027	19	$565.30	$404.16	$969.46	$112,655.23
Jan, 2028	20	$563.28	$406.18	$969.46	$112,249.04
Feb, 2028	21	$561.25	$408.22	$969.46	$111,840.83
Mar, 2028	22	$559.20	$410.26	$969.46	$111,430.57
Apr, 2028	23	$557.15	$412.31	$969.46	$111,018.26
May, 2028	24	$555.09	$414.37	$969.46	$110,603.89
Jun, 2028	25	$553.02	$416.44	$969.46	$110,187.45
Jul, 2028	26	$550.94	$418.52	$969.46	$109,768.93
Aug, 2028	27	$548.84	$420.62	$969.46	$109,348.31
Sep, 2028	28	$546.74	$422.72	$969.46	$108,925.59
Oct, 2028	29	$544.63	$424.83	$969.46	$108,500.76
Nov, 2028	30	$542.50	$426.96	$969.46	$108,073.80
Dec, 2028	31	$540.37	$429.09	$969.46	$107,644.71
Jan, 2029	32	$538.22	$431.24	$969.46	$107,213.48
Feb, 2029	33	$536.07	$433.39	$969.46	$106,780.08
Mar, 2029	34	$533.90	$435.56	$969.46	$106,344.52
Apr, 2029	35	$531.72	$437.74	$969.46	$105,906.78
May, 2029	36	$529.53	$439.93	$969.46	$105,466.86
Jun, 2029	37	$527.33	$442.13	$969.46	$105,024.73
Jul, 2029	38	$525.12	$444.34	$969.46	$104,580.39
Aug, 2029	39	$522.90	$446.56	$969.46	$104,133.84
Sep, 2029	40	$520.67	$448.79	$969.46	$103,685.04
Oct, 2029	41	$518.43	$451.04	$969.46	$103,234.01
Nov, 2029	42	$516.17	$453.29	$969.46	$102,780.72
Dec, 2029	43	$513.90	$455.56	$969.46	$102,325.16
Jan, 2030	44	$511.63	$457.83	$969.46	$101,867.33
Feb, 2030	45	$509.34	$460.12	$969.46	$101,407.20
Mar, 2030	46	$507.04	$462.42	$969.46	$100,944.78
Apr, 2030	47	$504.72	$464.74	$969.46	$100,480.04
May, 2030	48	$502.40	$467.06	$969.46	$100,012.98
Jun, 2030	49	$500.06	$469.40	$969.46	$99,543.59
Jul, 2030	50	$497.72	$471.74	$969.46	$99,071.84
Aug, 2030	51	$495.36	$474.10	$969.46	$98,597.74
Sep, 2030	52	$492.99	$476.47	$969.46	$98,121.27
Oct, 2030	53	$490.61	$478.85	$969.46	$97,642.41
Nov, 2030	54	$488.21	$481.25	$969.46	$97,161.17
Dec, 2030	55	$485.81	$483.65	$969.46	$96,677.51
Jan, 2031	56	$483.39	$486.07	$969.46	$96,191.44
Feb, 2031	57	$480.96	$488.50	$969.46	$95,702.93
Mar, 2031	58	$478.51	$490.95	$969.46	$95,211.99
Apr, 2031	59	$476.06	$493.40	$969.46	$94,718.59
May, 2031	60	$473.59	$495.87	$969.46	$94,222.72
Jun, 2031	61	$471.11	$498.35	$969.46	$93,724.37
Jul, 2031	62	$468.62	$500.84	$969.46	$93,223.53
Aug, 2031	63	$466.12	$503.34	$969.46	$92,720.19
Sep, 2031	64	$463.60	$505.86	$969.46	$92,214.33
Oct, 2031	65	$461.07	$508.39	$969.46	$91,705.94
Nov, 2031	66	$458.53	$510.93	$969.46	$91,195.01
Dec, 2031	67	$455.98	$513.49	$969.46	$90,681.53
Jan, 2032	68	$453.41	$516.05	$969.46	$90,165.47
Feb, 2032	69	$450.83	$518.63	$969.46	$89,646.84
Mar, 2032	70	$448.23	$521.23	$969.46	$89,125.61
Apr, 2032	71	$445.63	$523.83	$969.46	$88,601.78
May, 2032	72	$443.01	$526.45	$969.46	$88,075.33
Jun, 2032	73	$440.38	$529.08	$969.46	$87,546.25
Jul, 2032	74	$437.73	$531.73	$969.46	$87,014.52
Aug, 2032	75	$435.07	$534.39	$969.46	$86,480.13
Sep, 2032	76	$432.40	$537.06	$969.46	$85,943.07
Oct, 2032	77	$429.72	$539.75	$969.46	$85,403.32
Nov, 2032	78	$427.02	$542.44	$969.46	$84,860.88
Dec, 2032	79	$424.30	$545.16	$969.46	$84,315.72
Jan, 2033	80	$421.58	$547.88	$969.46	$83,767.84
Feb, 2033	81	$418.84	$550.62	$969.46	$83,217.22
Mar, 2033	82	$416.09	$553.37	$969.46	$82,663.84
Apr, 2033	83	$413.32	$556.14	$969.46	$82,107.70
May, 2033	84	$410.54	$558.92	$969.46	$81,548.78
Jun, 2033	85	$407.74	$561.72	$969.46	$80,987.06
Jul, 2033	86	$404.94	$564.53	$969.46	$80,422.54
Aug, 2033	87	$402.11	$567.35	$969.46	$79,855.19
Sep, 2033	88	$399.28	$570.18	$969.46	$79,285.01
Oct, 2033	89	$396.43	$573.04	$969.46	$78,711.97
Nov, 2033	90	$393.56	$575.90	$969.46	$78,136.07
Dec, 2033	91	$390.68	$578.78	$969.46	$77,557.29
Jan, 2034	92	$387.79	$581.67	$969.46	$76,975.62
Feb, 2034	93	$384.88	$584.58	$969.46	$76,391.03
Mar, 2034	94	$381.96	$587.51	$969.46	$75,803.53
Apr, 2034	95	$379.02	$590.44	$969.46	$75,213.08
May, 2034	96	$376.07	$593.40	$969.46	$74,619.69
Jun, 2034	97	$373.10	$596.36	$969.46	$74,023.33
Jul, 2034	98	$370.12	$599.34	$969.46	$73,423.98
Aug, 2034	99	$367.12	$602.34	$969.46	$72,821.64
Sep, 2034	100	$364.11	$605.35	$969.46	$72,216.29
Oct, 2034	101	$361.08	$608.38	$969.46	$71,607.91
Nov, 2034	102	$358.04	$611.42	$969.46	$70,996.49
Dec, 2034	103	$354.98	$614.48	$969.46	$70,382.01
Jan, 2035	104	$351.91	$617.55	$969.46	$69,764.46
Feb, 2035	105	$348.82	$620.64	$969.46	$69,143.82
Mar, 2035	106	$345.72	$623.74	$969.46	$68,520.08
Apr, 2035	107	$342.60	$626.86	$969.46	$67,893.22
May, 2035	108	$339.47	$629.99	$969.46	$67,263.23
Jun, 2035	109	$336.32	$633.14	$969.46	$66,630.08
Jul, 2035	110	$333.15	$636.31	$969.46	$65,993.77
Aug, 2035	111	$329.97	$639.49	$969.46	$65,354.28
Sep, 2035	112	$326.77	$642.69	$969.46	$64,711.59
Oct, 2035	113	$323.56	$645.90	$969.46	$64,065.69
Nov, 2035	114	$320.33	$649.13	$969.46	$63,416.56
Dec, 2035	115	$317.08	$652.38	$969.46	$62,764.18
Jan, 2036	116	$313.82	$655.64	$969.46	$62,108.54
Feb, 2036	117	$310.54	$658.92	$969.46	$61,449.62
Mar, 2036	118	$307.25	$662.21	$969.46	$60,787.41
Apr, 2036	119	$303.94	$665.52	$969.46	$60,121.88
May, 2036	120	$300.61	$668.85	$969.46	$59,453.03
Jun, 2036	121	$297.27	$672.20	$969.46	$58,780.84
Jul, 2036	122	$293.90	$675.56	$969.46	$58,105.28
Aug, 2036	123	$290.53	$678.93	$969.46	$57,426.35
Sep, 2036	124	$287.13	$682.33	$969.46	$56,744.02
Oct, 2036	125	$283.72	$685.74	$969.46	$56,058.28
Nov, 2036	126	$280.29	$689.17	$969.46	$55,369.11
Dec, 2036	127	$276.85	$692.62	$969.46	$54,676.49
Jan, 2037	128	$273.38	$696.08	$969.46	$53,980.42
Feb, 2037	129	$269.90	$699.56	$969.46	$53,280.86
Mar, 2037	130	$266.40	$703.06	$969.46	$52,577.80
Apr, 2037	131	$262.89	$706.57	$969.46	$51,871.23
May, 2037	132	$259.36	$710.10	$969.46	$51,161.12
Jun, 2037	133	$255.81	$713.66	$969.46	$50,447.47
Jul, 2037	134	$252.24	$717.22	$969.46	$49,730.25
Aug, 2037	135	$248.65	$720.81	$969.46	$49,009.44
Sep, 2037	136	$245.05	$724.41	$969.46	$48,285.02
Oct, 2037	137	$241.43	$728.04	$969.46	$47,556.99
Nov, 2037	138	$237.78	$731.68	$969.46	$46,825.31
Dec, 2037	139	$234.13	$735.33	$969.46	$46,089.98
Jan, 2038	140	$230.45	$739.01	$969.46	$45,350.97
Feb, 2038	141	$226.75	$742.71	$969.46	$44,608.26
Mar, 2038	142	$223.04	$746.42	$969.46	$43,861.84
Apr, 2038	143	$219.31	$750.15	$969.46	$43,111.69
May, 2038	144	$215.56	$753.90	$969.46	$42,357.79
Jun, 2038	145	$211.79	$757.67	$969.46	$41,600.12
Jul, 2038	146	$208.00	$761.46	$969.46	$40,838.66
Aug, 2038	147	$204.19	$765.27	$969.46	$40,073.39
Sep, 2038	148	$200.37	$769.09	$969.46	$39,304.30
Oct, 2038	149	$196.52	$772.94	$969.46	$38,531.36
Nov, 2038	150	$192.66	$776.80	$969.46	$37,754.55
Dec, 2038	151	$188.77	$780.69	$969.46	$36,973.86
Jan, 2039	152	$184.87	$784.59	$969.46	$36,189.27
Feb, 2039	153	$180.95	$788.51	$969.46	$35,400.76
Mar, 2039	154	$177.00	$792.46	$969.46	$34,608.30
Apr, 2039	155	$173.04	$796.42	$969.46	$33,811.88
May, 2039	156	$169.06	$800.40	$969.46	$33,011.48
Jun, 2039	157	$165.06	$804.40	$969.46	$32,207.08
Jul, 2039	158	$161.04	$808.43	$969.46	$31,398.65
Aug, 2039	159	$156.99	$812.47	$969.46	$30,586.19
Sep, 2039	160	$152.93	$816.53	$969.46	$29,769.66
Oct, 2039	161	$148.85	$820.61	$969.46	$28,949.04
Nov, 2039	162	$144.75	$824.72	$969.46	$28,124.33
Dec, 2039	163	$140.62	$828.84	$969.46	$27,295.49
Jan, 2040	164	$136.48	$832.98	$969.46	$26,462.51
Feb, 2040	165	$132.31	$837.15	$969.46	$25,625.36
Mar, 2040	166	$128.13	$841.33	$969.46	$24,784.02
Apr, 2040	167	$123.92	$845.54	$969.46	$23,938.48
May, 2040	168	$119.69	$849.77	$969.46	$23,088.72
Jun, 2040	169	$115.44	$854.02	$969.46	$22,234.70
Jul, 2040	170	$111.17	$858.29	$969.46	$21,376.41
Aug, 2040	171	$106.88	$862.58	$969.46	$20,513.83
Sep, 2040	172	$102.57	$866.89	$969.46	$19,646.94
Oct, 2040	173	$98.23	$871.23	$969.46	$18,775.72
Nov, 2040	174	$93.88	$875.58	$969.46	$17,900.13
Dec, 2040	175	$89.50	$879.96	$969.46	$17,020.17
Jan, 2041	176	$85.10	$884.36	$969.46	$16,135.81
Feb, 2041	177	$80.68	$888.78	$969.46	$15,247.03
Mar, 2041	178	$76.24	$893.23	$969.46	$14,353.81
Apr, 2041	179	$71.77	$897.69	$969.46	$13,456.12
May, 2041	180	$67.28	$902.18	$969.46	$12,553.94
Jun, 2041	181	$62.77	$906.69	$969.46	$11,647.24
Jul, 2041	182	$58.24	$911.22	$969.46	$10,736.02
Aug, 2041	183	$53.68	$915.78	$969.46	$9,820.24
Sep, 2041	184	$49.10	$920.36	$969.46	$8,899.88
Oct, 2041	185	$44.50	$924.96	$969.46	$7,974.92
Nov, 2041	186	$39.87	$929.59	$969.46	$7,045.33
Dec, 2041	187	$35.23	$934.23	$969.46	$6,111.10
Jan, 2042	188	$30.56	$938.91	$969.46	$5,172.19
Feb, 2042	189	$25.86	$943.60	$969.46	$4,228.59
Mar, 2042	190	$21.14	$948.32	$969.46	$3,280.28
Apr, 2042	191	$16.40	$953.06	$969.46	$2,327.22
May, 2042	192	$11.64	$957.82	$969.46	$1,369.39
Jun, 2042	193	$6.85	$962.61	$969.46	$406.78
Jul, 2042	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, 2056	Jul, 2042

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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.

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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.