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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:
Mar, 2041
Total Interest Savings:
$71,491.11

Mortgage Overpayment Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Feb, 2025 1 $600.00 $369.46 $969.46 $119,630.54
Mar, 2025 2 $598.15 $371.31 $969.46 $119,259.23
Apr, 2025 3 $596.30 $373.16 $969.46 $118,886.07
May, 2025 4 $594.43 $375.03 $969.46 $118,511.04
Jun, 2025 5 $592.56 $376.91 $969.46 $118,134.13
Jul, 2025 6 $590.67 $378.79 $969.46 $117,755.34
Aug, 2025 7 $588.78 $380.68 $969.46 $117,374.66
Sep, 2025 8 $586.87 $382.59 $969.46 $116,992.07
Oct, 2025 9 $584.96 $384.50 $969.46 $116,607.57
Nov, 2025 10 $583.04 $386.42 $969.46 $116,221.15
Dec, 2025 11 $581.11 $388.35 $969.46 $115,832.79
Jan, 2026 12 $579.16 $390.30 $969.46 $115,442.50
Feb, 2026 13 $577.21 $392.25 $969.46 $115,050.25
Mar, 2026 14 $575.25 $394.21 $969.46 $114,656.04
Apr, 2026 15 $573.28 $396.18 $969.46 $114,259.86
May, 2026 16 $571.30 $398.16 $969.46 $113,861.70
Jun, 2026 17 $569.31 $400.15 $969.46 $113,461.54
Jul, 2026 18 $567.31 $402.15 $969.46 $113,059.39
Aug, 2026 19 $565.30 $404.16 $969.46 $112,655.23
Sep, 2026 20 $563.28 $406.18 $969.46 $112,249.04
Oct, 2026 21 $561.25 $408.22 $969.46 $111,840.83
Nov, 2026 22 $559.20 $410.26 $969.46 $111,430.57
Dec, 2026 23 $557.15 $412.31 $969.46 $111,018.26
Jan, 2027 24 $555.09 $414.37 $969.46 $110,603.89
Feb, 2027 25 $553.02 $416.44 $969.46 $110,187.45
Mar, 2027 26 $550.94 $418.52 $969.46 $109,768.93
Apr, 2027 27 $548.84 $420.62 $969.46 $109,348.31
May, 2027 28 $546.74 $422.72 $969.46 $108,925.59
Jun, 2027 29 $544.63 $424.83 $969.46 $108,500.76
Jul, 2027 30 $542.50 $426.96 $969.46 $108,073.80
Aug, 2027 31 $540.37 $429.09 $969.46 $107,644.71
Sep, 2027 32 $538.22 $431.24 $969.46 $107,213.48
Oct, 2027 33 $536.07 $433.39 $969.46 $106,780.08
Nov, 2027 34 $533.90 $435.56 $969.46 $106,344.52
Dec, 2027 35 $531.72 $437.74 $969.46 $105,906.78
Jan, 2028 36 $529.53 $439.93 $969.46 $105,466.86
Feb, 2028 37 $527.33 $442.13 $969.46 $105,024.73
Mar, 2028 38 $525.12 $444.34 $969.46 $104,580.39
Apr, 2028 39 $522.90 $446.56 $969.46 $104,133.84
May, 2028 40 $520.67 $448.79 $969.46 $103,685.04
Jun, 2028 41 $518.43 $451.04 $969.46 $103,234.01
Jul, 2028 42 $516.17 $453.29 $969.46 $102,780.72
Aug, 2028 43 $513.90 $455.56 $969.46 $102,325.16
Sep, 2028 44 $511.63 $457.83 $969.46 $101,867.33
Oct, 2028 45 $509.34 $460.12 $969.46 $101,407.20
Nov, 2028 46 $507.04 $462.42 $969.46 $100,944.78
Dec, 2028 47 $504.72 $464.74 $969.46 $100,480.04
Jan, 2029 48 $502.40 $467.06 $969.46 $100,012.98
Feb, 2029 49 $500.06 $469.40 $969.46 $99,543.59
Mar, 2029 50 $497.72 $471.74 $969.46 $99,071.84
Apr, 2029 51 $495.36 $474.10 $969.46 $98,597.74
May, 2029 52 $492.99 $476.47 $969.46 $98,121.27
Jun, 2029 53 $490.61 $478.85 $969.46 $97,642.41
Jul, 2029 54 $488.21 $481.25 $969.46 $97,161.17
Aug, 2029 55 $485.81 $483.65 $969.46 $96,677.51
Sep, 2029 56 $483.39 $486.07 $969.46 $96,191.44
Oct, 2029 57 $480.96 $488.50 $969.46 $95,702.93
Nov, 2029 58 $478.51 $490.95 $969.46 $95,211.99
Dec, 2029 59 $476.06 $493.40 $969.46 $94,718.59
Jan, 2030 60 $473.59 $495.87 $969.46 $94,222.72
Feb, 2030 61 $471.11 $498.35 $969.46 $93,724.37
Mar, 2030 62 $468.62 $500.84 $969.46 $93,223.53
Apr, 2030 63 $466.12 $503.34 $969.46 $92,720.19
May, 2030 64 $463.60 $505.86 $969.46 $92,214.33
Jun, 2030 65 $461.07 $508.39 $969.46 $91,705.94
Jul, 2030 66 $458.53 $510.93 $969.46 $91,195.01
Aug, 2030 67 $455.98 $513.49 $969.46 $90,681.53
Sep, 2030 68 $453.41 $516.05 $969.46 $90,165.47
Oct, 2030 69 $450.83 $518.63 $969.46 $89,646.84
Nov, 2030 70 $448.23 $521.23 $969.46 $89,125.61
Dec, 2030 71 $445.63 $523.83 $969.46 $88,601.78
Jan, 2031 72 $443.01 $526.45 $969.46 $88,075.33
Feb, 2031 73 $440.38 $529.08 $969.46 $87,546.25
Mar, 2031 74 $437.73 $531.73 $969.46 $87,014.52
Apr, 2031 75 $435.07 $534.39 $969.46 $86,480.13
May, 2031 76 $432.40 $537.06 $969.46 $85,943.07
Jun, 2031 77 $429.72 $539.75 $969.46 $85,403.32
Jul, 2031 78 $427.02 $542.44 $969.46 $84,860.88
Aug, 2031 79 $424.30 $545.16 $969.46 $84,315.72
Sep, 2031 80 $421.58 $547.88 $969.46 $83,767.84
Oct, 2031 81 $418.84 $550.62 $969.46 $83,217.22
Nov, 2031 82 $416.09 $553.37 $969.46 $82,663.84
Dec, 2031 83 $413.32 $556.14 $969.46 $82,107.70
Jan, 2032 84 $410.54 $558.92 $969.46 $81,548.78
Feb, 2032 85 $407.74 $561.72 $969.46 $80,987.06
Mar, 2032 86 $404.94 $564.53 $969.46 $80,422.54
Apr, 2032 87 $402.11 $567.35 $969.46 $79,855.19
May, 2032 88 $399.28 $570.18 $969.46 $79,285.01
Jun, 2032 89 $396.43 $573.04 $969.46 $78,711.97
Jul, 2032 90 $393.56 $575.90 $969.46 $78,136.07
Aug, 2032 91 $390.68 $578.78 $969.46 $77,557.29
Sep, 2032 92 $387.79 $581.67 $969.46 $76,975.62
Oct, 2032 93 $384.88 $584.58 $969.46 $76,391.03
Nov, 2032 94 $381.96 $587.51 $969.46 $75,803.53
Dec, 2032 95 $379.02 $590.44 $969.46 $75,213.08
Jan, 2033 96 $376.07 $593.40 $969.46 $74,619.69
Feb, 2033 97 $373.10 $596.36 $969.46 $74,023.33
Mar, 2033 98 $370.12 $599.34 $969.46 $73,423.98
Apr, 2033 99 $367.12 $602.34 $969.46 $72,821.64
May, 2033 100 $364.11 $605.35 $969.46 $72,216.29
Jun, 2033 101 $361.08 $608.38 $969.46 $71,607.91
Jul, 2033 102 $358.04 $611.42 $969.46 $70,996.49
Aug, 2033 103 $354.98 $614.48 $969.46 $70,382.01
Sep, 2033 104 $351.91 $617.55 $969.46 $69,764.46
Oct, 2033 105 $348.82 $620.64 $969.46 $69,143.82
Nov, 2033 106 $345.72 $623.74 $969.46 $68,520.08
Dec, 2033 107 $342.60 $626.86 $969.46 $67,893.22
Jan, 2034 108 $339.47 $629.99 $969.46 $67,263.23
Feb, 2034 109 $336.32 $633.14 $969.46 $66,630.08
Mar, 2034 110 $333.15 $636.31 $969.46 $65,993.77
Apr, 2034 111 $329.97 $639.49 $969.46 $65,354.28
May, 2034 112 $326.77 $642.69 $969.46 $64,711.59
Jun, 2034 113 $323.56 $645.90 $969.46 $64,065.69
Jul, 2034 114 $320.33 $649.13 $969.46 $63,416.56
Aug, 2034 115 $317.08 $652.38 $969.46 $62,764.18
Sep, 2034 116 $313.82 $655.64 $969.46 $62,108.54
Oct, 2034 117 $310.54 $658.92 $969.46 $61,449.62
Nov, 2034 118 $307.25 $662.21 $969.46 $60,787.41
Dec, 2034 119 $303.94 $665.52 $969.46 $60,121.88
Jan, 2035 120 $300.61 $668.85 $969.46 $59,453.03
Feb, 2035 121 $297.27 $672.20 $969.46 $58,780.84
Mar, 2035 122 $293.90 $675.56 $969.46 $58,105.28
Apr, 2035 123 $290.53 $678.93 $969.46 $57,426.35
May, 2035 124 $287.13 $682.33 $969.46 $56,744.02
Jun, 2035 125 $283.72 $685.74 $969.46 $56,058.28
Jul, 2035 126 $280.29 $689.17 $969.46 $55,369.11
Aug, 2035 127 $276.85 $692.62 $969.46 $54,676.49
Sep, 2035 128 $273.38 $696.08 $969.46 $53,980.42
Oct, 2035 129 $269.90 $699.56 $969.46 $53,280.86
Nov, 2035 130 $266.40 $703.06 $969.46 $52,577.80
Dec, 2035 131 $262.89 $706.57 $969.46 $51,871.23
Jan, 2036 132 $259.36 $710.10 $969.46 $51,161.12
Feb, 2036 133 $255.81 $713.66 $969.46 $50,447.47
Mar, 2036 134 $252.24 $717.22 $969.46 $49,730.25
Apr, 2036 135 $248.65 $720.81 $969.46 $49,009.44
May, 2036 136 $245.05 $724.41 $969.46 $48,285.02
Jun, 2036 137 $241.43 $728.04 $969.46 $47,556.99
Jul, 2036 138 $237.78 $731.68 $969.46 $46,825.31
Aug, 2036 139 $234.13 $735.33 $969.46 $46,089.98
Sep, 2036 140 $230.45 $739.01 $969.46 $45,350.97
Oct, 2036 141 $226.75 $742.71 $969.46 $44,608.26
Nov, 2036 142 $223.04 $746.42 $969.46 $43,861.84
Dec, 2036 143 $219.31 $750.15 $969.46 $43,111.69
Jan, 2037 144 $215.56 $753.90 $969.46 $42,357.79
Feb, 2037 145 $211.79 $757.67 $969.46 $41,600.12
Mar, 2037 146 $208.00 $761.46 $969.46 $40,838.66
Apr, 2037 147 $204.19 $765.27 $969.46 $40,073.39
May, 2037 148 $200.37 $769.09 $969.46 $39,304.30
Jun, 2037 149 $196.52 $772.94 $969.46 $38,531.36
Jul, 2037 150 $192.66 $776.80 $969.46 $37,754.55
Aug, 2037 151 $188.77 $780.69 $969.46 $36,973.86
Sep, 2037 152 $184.87 $784.59 $969.46 $36,189.27
Oct, 2037 153 $180.95 $788.51 $969.46 $35,400.76
Nov, 2037 154 $177.00 $792.46 $969.46 $34,608.30
Dec, 2037 155 $173.04 $796.42 $969.46 $33,811.88
Jan, 2038 156 $169.06 $800.40 $969.46 $33,011.48
Feb, 2038 157 $165.06 $804.40 $969.46 $32,207.08
Mar, 2038 158 $161.04 $808.43 $969.46 $31,398.65
Apr, 2038 159 $156.99 $812.47 $969.46 $30,586.19
May, 2038 160 $152.93 $816.53 $969.46 $29,769.66
Jun, 2038 161 $148.85 $820.61 $969.46 $28,949.04
Jul, 2038 162 $144.75 $824.72 $969.46 $28,124.33
Aug, 2038 163 $140.62 $828.84 $969.46 $27,295.49
Sep, 2038 164 $136.48 $832.98 $969.46 $26,462.51
Oct, 2038 165 $132.31 $837.15 $969.46 $25,625.36
Nov, 2038 166 $128.13 $841.33 $969.46 $24,784.02
Dec, 2038 167 $123.92 $845.54 $969.46 $23,938.48
Jan, 2039 168 $119.69 $849.77 $969.46 $23,088.72
Feb, 2039 169 $115.44 $854.02 $969.46 $22,234.70
Mar, 2039 170 $111.17 $858.29 $969.46 $21,376.41
Apr, 2039 171 $106.88 $862.58 $969.46 $20,513.83
May, 2039 172 $102.57 $866.89 $969.46 $19,646.94
Jun, 2039 173 $98.23 $871.23 $969.46 $18,775.72
Jul, 2039 174 $93.88 $875.58 $969.46 $17,900.13
Aug, 2039 175 $89.50 $879.96 $969.46 $17,020.17
Sep, 2039 176 $85.10 $884.36 $969.46 $16,135.81
Oct, 2039 177 $80.68 $888.78 $969.46 $15,247.03
Nov, 2039 178 $76.24 $893.23 $969.46 $14,353.81
Dec, 2039 179 $71.77 $897.69 $969.46 $13,456.12
Jan, 2040 180 $67.28 $902.18 $969.46 $12,553.94
Feb, 2040 181 $62.77 $906.69 $969.46 $11,647.24
Mar, 2040 182 $58.24 $911.22 $969.46 $10,736.02
Apr, 2040 183 $53.68 $915.78 $969.46 $9,820.24
May, 2040 184 $49.10 $920.36 $969.46 $8,899.88
Jun, 2040 185 $44.50 $924.96 $969.46 $7,974.92
Jul, 2040 186 $39.87 $929.59 $969.46 $7,045.33
Aug, 2040 187 $35.23 $934.23 $969.46 $6,111.10
Sep, 2040 188 $30.56 $938.91 $969.46 $5,172.19
Oct, 2040 189 $25.86 $943.60 $969.46 $4,228.59
Nov, 2040 190 $21.14 $948.32 $969.46 $3,280.28
Dec, 2040 191 $16.40 $953.06 $969.46 $2,327.22
Jan, 2041 192 $11.64 $957.82 $969.46 $1,369.39
Feb, 2041 193 $6.85 $962.61 $969.46 $406.78
Mar, 2041 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 Jan, 2055 Mar, 2041

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.

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