Mortgage Overpayment Calculator

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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.

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:	Nov, 2040
Total Interest Savings:	$71,491.11

Mortgage Overpayment Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Oct, 2024	1	$600.00	$369.46	$969.46	$119,630.54
Nov, 2024	2	$598.15	$371.31	$969.46	$119,259.23
Dec, 2024	3	$596.30	$373.16	$969.46	$118,886.07
Jan, 2025	4	$594.43	$375.03	$969.46	$118,511.04
Feb, 2025	5	$592.56	$376.91	$969.46	$118,134.13
Mar, 2025	6	$590.67	$378.79	$969.46	$117,755.34
Apr, 2025	7	$588.78	$380.68	$969.46	$117,374.66
May, 2025	8	$586.87	$382.59	$969.46	$116,992.07
Jun, 2025	9	$584.96	$384.50	$969.46	$116,607.57
Jul, 2025	10	$583.04	$386.42	$969.46	$116,221.15
Aug, 2025	11	$581.11	$388.35	$969.46	$115,832.79
Sep, 2025	12	$579.16	$390.30	$969.46	$115,442.50
Oct, 2025	13	$577.21	$392.25	$969.46	$115,050.25
Nov, 2025	14	$575.25	$394.21	$969.46	$114,656.04
Dec, 2025	15	$573.28	$396.18	$969.46	$114,259.86
Jan, 2026	16	$571.30	$398.16	$969.46	$113,861.70
Feb, 2026	17	$569.31	$400.15	$969.46	$113,461.54
Mar, 2026	18	$567.31	$402.15	$969.46	$113,059.39
Apr, 2026	19	$565.30	$404.16	$969.46	$112,655.23
May, 2026	20	$563.28	$406.18	$969.46	$112,249.04
Jun, 2026	21	$561.25	$408.22	$969.46	$111,840.83
Jul, 2026	22	$559.20	$410.26	$969.46	$111,430.57
Aug, 2026	23	$557.15	$412.31	$969.46	$111,018.26
Sep, 2026	24	$555.09	$414.37	$969.46	$110,603.89
Oct, 2026	25	$553.02	$416.44	$969.46	$110,187.45
Nov, 2026	26	$550.94	$418.52	$969.46	$109,768.93
Dec, 2026	27	$548.84	$420.62	$969.46	$109,348.31
Jan, 2027	28	$546.74	$422.72	$969.46	$108,925.59
Feb, 2027	29	$544.63	$424.83	$969.46	$108,500.76
Mar, 2027	30	$542.50	$426.96	$969.46	$108,073.80
Apr, 2027	31	$540.37	$429.09	$969.46	$107,644.71
May, 2027	32	$538.22	$431.24	$969.46	$107,213.48
Jun, 2027	33	$536.07	$433.39	$969.46	$106,780.08
Jul, 2027	34	$533.90	$435.56	$969.46	$106,344.52
Aug, 2027	35	$531.72	$437.74	$969.46	$105,906.78
Sep, 2027	36	$529.53	$439.93	$969.46	$105,466.86
Oct, 2027	37	$527.33	$442.13	$969.46	$105,024.73
Nov, 2027	38	$525.12	$444.34	$969.46	$104,580.39
Dec, 2027	39	$522.90	$446.56	$969.46	$104,133.84
Jan, 2028	40	$520.67	$448.79	$969.46	$103,685.04
Feb, 2028	41	$518.43	$451.04	$969.46	$103,234.01
Mar, 2028	42	$516.17	$453.29	$969.46	$102,780.72
Apr, 2028	43	$513.90	$455.56	$969.46	$102,325.16
May, 2028	44	$511.63	$457.83	$969.46	$101,867.33
Jun, 2028	45	$509.34	$460.12	$969.46	$101,407.20
Jul, 2028	46	$507.04	$462.42	$969.46	$100,944.78
Aug, 2028	47	$504.72	$464.74	$969.46	$100,480.04
Sep, 2028	48	$502.40	$467.06	$969.46	$100,012.98
Oct, 2028	49	$500.06	$469.40	$969.46	$99,543.59
Nov, 2028	50	$497.72	$471.74	$969.46	$99,071.84
Dec, 2028	51	$495.36	$474.10	$969.46	$98,597.74
Jan, 2029	52	$492.99	$476.47	$969.46	$98,121.27
Feb, 2029	53	$490.61	$478.85	$969.46	$97,642.41
Mar, 2029	54	$488.21	$481.25	$969.46	$97,161.17
Apr, 2029	55	$485.81	$483.65	$969.46	$96,677.51
May, 2029	56	$483.39	$486.07	$969.46	$96,191.44
Jun, 2029	57	$480.96	$488.50	$969.46	$95,702.93
Jul, 2029	58	$478.51	$490.95	$969.46	$95,211.99
Aug, 2029	59	$476.06	$493.40	$969.46	$94,718.59
Sep, 2029	60	$473.59	$495.87	$969.46	$94,222.72
Oct, 2029	61	$471.11	$498.35	$969.46	$93,724.37
Nov, 2029	62	$468.62	$500.84	$969.46	$93,223.53
Dec, 2029	63	$466.12	$503.34	$969.46	$92,720.19
Jan, 2030	64	$463.60	$505.86	$969.46	$92,214.33
Feb, 2030	65	$461.07	$508.39	$969.46	$91,705.94
Mar, 2030	66	$458.53	$510.93	$969.46	$91,195.01
Apr, 2030	67	$455.98	$513.49	$969.46	$90,681.53
May, 2030	68	$453.41	$516.05	$969.46	$90,165.47
Jun, 2030	69	$450.83	$518.63	$969.46	$89,646.84
Jul, 2030	70	$448.23	$521.23	$969.46	$89,125.61
Aug, 2030	71	$445.63	$523.83	$969.46	$88,601.78
Sep, 2030	72	$443.01	$526.45	$969.46	$88,075.33
Oct, 2030	73	$440.38	$529.08	$969.46	$87,546.25
Nov, 2030	74	$437.73	$531.73	$969.46	$87,014.52
Dec, 2030	75	$435.07	$534.39	$969.46	$86,480.13
Jan, 2031	76	$432.40	$537.06	$969.46	$85,943.07
Feb, 2031	77	$429.72	$539.75	$969.46	$85,403.32
Mar, 2031	78	$427.02	$542.44	$969.46	$84,860.88
Apr, 2031	79	$424.30	$545.16	$969.46	$84,315.72
May, 2031	80	$421.58	$547.88	$969.46	$83,767.84
Jun, 2031	81	$418.84	$550.62	$969.46	$83,217.22
Jul, 2031	82	$416.09	$553.37	$969.46	$82,663.84
Aug, 2031	83	$413.32	$556.14	$969.46	$82,107.70
Sep, 2031	84	$410.54	$558.92	$969.46	$81,548.78
Oct, 2031	85	$407.74	$561.72	$969.46	$80,987.06
Nov, 2031	86	$404.94	$564.53	$969.46	$80,422.54
Dec, 2031	87	$402.11	$567.35	$969.46	$79,855.19
Jan, 2032	88	$399.28	$570.18	$969.46	$79,285.01
Feb, 2032	89	$396.43	$573.04	$969.46	$78,711.97
Mar, 2032	90	$393.56	$575.90	$969.46	$78,136.07
Apr, 2032	91	$390.68	$578.78	$969.46	$77,557.29
May, 2032	92	$387.79	$581.67	$969.46	$76,975.62
Jun, 2032	93	$384.88	$584.58	$969.46	$76,391.03
Jul, 2032	94	$381.96	$587.51	$969.46	$75,803.53
Aug, 2032	95	$379.02	$590.44	$969.46	$75,213.08
Sep, 2032	96	$376.07	$593.40	$969.46	$74,619.69
Oct, 2032	97	$373.10	$596.36	$969.46	$74,023.33
Nov, 2032	98	$370.12	$599.34	$969.46	$73,423.98
Dec, 2032	99	$367.12	$602.34	$969.46	$72,821.64
Jan, 2033	100	$364.11	$605.35	$969.46	$72,216.29
Feb, 2033	101	$361.08	$608.38	$969.46	$71,607.91
Mar, 2033	102	$358.04	$611.42	$969.46	$70,996.49
Apr, 2033	103	$354.98	$614.48	$969.46	$70,382.01
May, 2033	104	$351.91	$617.55	$969.46	$69,764.46
Jun, 2033	105	$348.82	$620.64	$969.46	$69,143.82
Jul, 2033	106	$345.72	$623.74	$969.46	$68,520.08
Aug, 2033	107	$342.60	$626.86	$969.46	$67,893.22
Sep, 2033	108	$339.47	$629.99	$969.46	$67,263.23
Oct, 2033	109	$336.32	$633.14	$969.46	$66,630.08
Nov, 2033	110	$333.15	$636.31	$969.46	$65,993.77
Dec, 2033	111	$329.97	$639.49	$969.46	$65,354.28
Jan, 2034	112	$326.77	$642.69	$969.46	$64,711.59
Feb, 2034	113	$323.56	$645.90	$969.46	$64,065.69
Mar, 2034	114	$320.33	$649.13	$969.46	$63,416.56
Apr, 2034	115	$317.08	$652.38	$969.46	$62,764.18
May, 2034	116	$313.82	$655.64	$969.46	$62,108.54
Jun, 2034	117	$310.54	$658.92	$969.46	$61,449.62
Jul, 2034	118	$307.25	$662.21	$969.46	$60,787.41
Aug, 2034	119	$303.94	$665.52	$969.46	$60,121.88
Sep, 2034	120	$300.61	$668.85	$969.46	$59,453.03
Oct, 2034	121	$297.27	$672.20	$969.46	$58,780.84
Nov, 2034	122	$293.90	$675.56	$969.46	$58,105.28
Dec, 2034	123	$290.53	$678.93	$969.46	$57,426.35
Jan, 2035	124	$287.13	$682.33	$969.46	$56,744.02
Feb, 2035	125	$283.72	$685.74	$969.46	$56,058.28
Mar, 2035	126	$280.29	$689.17	$969.46	$55,369.11
Apr, 2035	127	$276.85	$692.62	$969.46	$54,676.49
May, 2035	128	$273.38	$696.08	$969.46	$53,980.42
Jun, 2035	129	$269.90	$699.56	$969.46	$53,280.86
Jul, 2035	130	$266.40	$703.06	$969.46	$52,577.80
Aug, 2035	131	$262.89	$706.57	$969.46	$51,871.23
Sep, 2035	132	$259.36	$710.10	$969.46	$51,161.12
Oct, 2035	133	$255.81	$713.66	$969.46	$50,447.47
Nov, 2035	134	$252.24	$717.22	$969.46	$49,730.25
Dec, 2035	135	$248.65	$720.81	$969.46	$49,009.44
Jan, 2036	136	$245.05	$724.41	$969.46	$48,285.02
Feb, 2036	137	$241.43	$728.04	$969.46	$47,556.99
Mar, 2036	138	$237.78	$731.68	$969.46	$46,825.31
Apr, 2036	139	$234.13	$735.33	$969.46	$46,089.98
May, 2036	140	$230.45	$739.01	$969.46	$45,350.97
Jun, 2036	141	$226.75	$742.71	$969.46	$44,608.26
Jul, 2036	142	$223.04	$746.42	$969.46	$43,861.84
Aug, 2036	143	$219.31	$750.15	$969.46	$43,111.69
Sep, 2036	144	$215.56	$753.90	$969.46	$42,357.79
Oct, 2036	145	$211.79	$757.67	$969.46	$41,600.12
Nov, 2036	146	$208.00	$761.46	$969.46	$40,838.66
Dec, 2036	147	$204.19	$765.27	$969.46	$40,073.39
Jan, 2037	148	$200.37	$769.09	$969.46	$39,304.30
Feb, 2037	149	$196.52	$772.94	$969.46	$38,531.36
Mar, 2037	150	$192.66	$776.80	$969.46	$37,754.55
Apr, 2037	151	$188.77	$780.69	$969.46	$36,973.86
May, 2037	152	$184.87	$784.59	$969.46	$36,189.27
Jun, 2037	153	$180.95	$788.51	$969.46	$35,400.76
Jul, 2037	154	$177.00	$792.46	$969.46	$34,608.30
Aug, 2037	155	$173.04	$796.42	$969.46	$33,811.88
Sep, 2037	156	$169.06	$800.40	$969.46	$33,011.48
Oct, 2037	157	$165.06	$804.40	$969.46	$32,207.08
Nov, 2037	158	$161.04	$808.43	$969.46	$31,398.65
Dec, 2037	159	$156.99	$812.47	$969.46	$30,586.19
Jan, 2038	160	$152.93	$816.53	$969.46	$29,769.66
Feb, 2038	161	$148.85	$820.61	$969.46	$28,949.04
Mar, 2038	162	$144.75	$824.72	$969.46	$28,124.33
Apr, 2038	163	$140.62	$828.84	$969.46	$27,295.49
May, 2038	164	$136.48	$832.98	$969.46	$26,462.51
Jun, 2038	165	$132.31	$837.15	$969.46	$25,625.36
Jul, 2038	166	$128.13	$841.33	$969.46	$24,784.02
Aug, 2038	167	$123.92	$845.54	$969.46	$23,938.48
Sep, 2038	168	$119.69	$849.77	$969.46	$23,088.72
Oct, 2038	169	$115.44	$854.02	$969.46	$22,234.70
Nov, 2038	170	$111.17	$858.29	$969.46	$21,376.41
Dec, 2038	171	$106.88	$862.58	$969.46	$20,513.83
Jan, 2039	172	$102.57	$866.89	$969.46	$19,646.94
Feb, 2039	173	$98.23	$871.23	$969.46	$18,775.72
Mar, 2039	174	$93.88	$875.58	$969.46	$17,900.13
Apr, 2039	175	$89.50	$879.96	$969.46	$17,020.17
May, 2039	176	$85.10	$884.36	$969.46	$16,135.81
Jun, 2039	177	$80.68	$888.78	$969.46	$15,247.03
Jul, 2039	178	$76.24	$893.23	$969.46	$14,353.81
Aug, 2039	179	$71.77	$897.69	$969.46	$13,456.12
Sep, 2039	180	$67.28	$902.18	$969.46	$12,553.94
Oct, 2039	181	$62.77	$906.69	$969.46	$11,647.24
Nov, 2039	182	$58.24	$911.22	$969.46	$10,736.02
Dec, 2039	183	$53.68	$915.78	$969.46	$9,820.24
Jan, 2040	184	$49.10	$920.36	$969.46	$8,899.88
Feb, 2040	185	$44.50	$924.96	$969.46	$7,974.92
Mar, 2040	186	$39.87	$929.59	$969.46	$7,045.33
Apr, 2040	187	$35.23	$934.23	$969.46	$6,111.10
May, 2040	188	$30.56	$938.91	$969.46	$5,172.19
Jun, 2040	189	$25.86	$943.60	$969.46	$4,228.59
Jul, 2040	190	$21.14	$948.32	$969.46	$3,280.28
Aug, 2040	191	$16.40	$953.06	$969.46	$2,327.22
Sep, 2040	192	$11.64	$957.82	$969.46	$1,369.39
Oct, 2040	193	$6.85	$962.61	$969.46	$406.78
Nov, 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	Sep, 2054	Nov, 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.