mortgage calculator

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:
Oct, 2039
Total Interest Savings:
$71,491.11

Mortgage Overpayment Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Sep, 2023 1 $600.00 $369.46 $969.46 $119,630.54
Oct, 2023 2 $598.15 $371.31 $969.46 $119,259.23
Nov, 2023 3 $596.30 $373.16 $969.46 $118,886.07
Dec, 2023 4 $594.43 $375.03 $969.46 $118,511.04
Jan, 2024 5 $592.56 $376.91 $969.46 $118,134.13
Feb, 2024 6 $590.67 $378.79 $969.46 $117,755.34
Mar, 2024 7 $588.78 $380.68 $969.46 $117,374.66
Apr, 2024 8 $586.87 $382.59 $969.46 $116,992.07
May, 2024 9 $584.96 $384.50 $969.46 $116,607.57
Jun, 2024 10 $583.04 $386.42 $969.46 $116,221.15
Jul, 2024 11 $581.11 $388.35 $969.46 $115,832.79
Aug, 2024 12 $579.16 $390.30 $969.46 $115,442.50
Sep, 2024 13 $577.21 $392.25 $969.46 $115,050.25
Oct, 2024 14 $575.25 $394.21 $969.46 $114,656.04
Nov, 2024 15 $573.28 $396.18 $969.46 $114,259.86
Dec, 2024 16 $571.30 $398.16 $969.46 $113,861.70
Jan, 2025 17 $569.31 $400.15 $969.46 $113,461.54
Feb, 2025 18 $567.31 $402.15 $969.46 $113,059.39
Mar, 2025 19 $565.30 $404.16 $969.46 $112,655.23
Apr, 2025 20 $563.28 $406.18 $969.46 $112,249.04
May, 2025 21 $561.25 $408.22 $969.46 $111,840.83
Jun, 2025 22 $559.20 $410.26 $969.46 $111,430.57
Jul, 2025 23 $557.15 $412.31 $969.46 $111,018.26
Aug, 2025 24 $555.09 $414.37 $969.46 $110,603.89
Sep, 2025 25 $553.02 $416.44 $969.46 $110,187.45
Oct, 2025 26 $550.94 $418.52 $969.46 $109,768.93
Nov, 2025 27 $548.84 $420.62 $969.46 $109,348.31
Dec, 2025 28 $546.74 $422.72 $969.46 $108,925.59
Jan, 2026 29 $544.63 $424.83 $969.46 $108,500.76
Feb, 2026 30 $542.50 $426.96 $969.46 $108,073.80
Mar, 2026 31 $540.37 $429.09 $969.46 $107,644.71
Apr, 2026 32 $538.22 $431.24 $969.46 $107,213.48
May, 2026 33 $536.07 $433.39 $969.46 $106,780.08
Jun, 2026 34 $533.90 $435.56 $969.46 $106,344.52
Jul, 2026 35 $531.72 $437.74 $969.46 $105,906.78
Aug, 2026 36 $529.53 $439.93 $969.46 $105,466.86
Sep, 2026 37 $527.33 $442.13 $969.46 $105,024.73
Oct, 2026 38 $525.12 $444.34 $969.46 $104,580.39
Nov, 2026 39 $522.90 $446.56 $969.46 $104,133.84
Dec, 2026 40 $520.67 $448.79 $969.46 $103,685.04
Jan, 2027 41 $518.43 $451.04 $969.46 $103,234.01
Feb, 2027 42 $516.17 $453.29 $969.46 $102,780.72
Mar, 2027 43 $513.90 $455.56 $969.46 $102,325.16
Apr, 2027 44 $511.63 $457.83 $969.46 $101,867.33
May, 2027 45 $509.34 $460.12 $969.46 $101,407.20
Jun, 2027 46 $507.04 $462.42 $969.46 $100,944.78
Jul, 2027 47 $504.72 $464.74 $969.46 $100,480.04
Aug, 2027 48 $502.40 $467.06 $969.46 $100,012.98
Sep, 2027 49 $500.06 $469.40 $969.46 $99,543.59
Oct, 2027 50 $497.72 $471.74 $969.46 $99,071.84
Nov, 2027 51 $495.36 $474.10 $969.46 $98,597.74
Dec, 2027 52 $492.99 $476.47 $969.46 $98,121.27
Jan, 2028 53 $490.61 $478.85 $969.46 $97,642.41
Feb, 2028 54 $488.21 $481.25 $969.46 $97,161.17
Mar, 2028 55 $485.81 $483.65 $969.46 $96,677.51
Apr, 2028 56 $483.39 $486.07 $969.46 $96,191.44
May, 2028 57 $480.96 $488.50 $969.46 $95,702.93
Jun, 2028 58 $478.51 $490.95 $969.46 $95,211.99
Jul, 2028 59 $476.06 $493.40 $969.46 $94,718.59
Aug, 2028 60 $473.59 $495.87 $969.46 $94,222.72
Sep, 2028 61 $471.11 $498.35 $969.46 $93,724.37
Oct, 2028 62 $468.62 $500.84 $969.46 $93,223.53
Nov, 2028 63 $466.12 $503.34 $969.46 $92,720.19
Dec, 2028 64 $463.60 $505.86 $969.46 $92,214.33
Jan, 2029 65 $461.07 $508.39 $969.46 $91,705.94
Feb, 2029 66 $458.53 $510.93 $969.46 $91,195.01
Mar, 2029 67 $455.98 $513.49 $969.46 $90,681.53
Apr, 2029 68 $453.41 $516.05 $969.46 $90,165.47
May, 2029 69 $450.83 $518.63 $969.46 $89,646.84
Jun, 2029 70 $448.23 $521.23 $969.46 $89,125.61
Jul, 2029 71 $445.63 $523.83 $969.46 $88,601.78
Aug, 2029 72 $443.01 $526.45 $969.46 $88,075.33
Sep, 2029 73 $440.38 $529.08 $969.46 $87,546.25
Oct, 2029 74 $437.73 $531.73 $969.46 $87,014.52
Nov, 2029 75 $435.07 $534.39 $969.46 $86,480.13
Dec, 2029 76 $432.40 $537.06 $969.46 $85,943.07
Jan, 2030 77 $429.72 $539.75 $969.46 $85,403.32
Feb, 2030 78 $427.02 $542.44 $969.46 $84,860.88
Mar, 2030 79 $424.30 $545.16 $969.46 $84,315.72
Apr, 2030 80 $421.58 $547.88 $969.46 $83,767.84
May, 2030 81 $418.84 $550.62 $969.46 $83,217.22
Jun, 2030 82 $416.09 $553.37 $969.46 $82,663.84
Jul, 2030 83 $413.32 $556.14 $969.46 $82,107.70
Aug, 2030 84 $410.54 $558.92 $969.46 $81,548.78
Sep, 2030 85 $407.74 $561.72 $969.46 $80,987.06
Oct, 2030 86 $404.94 $564.53 $969.46 $80,422.54
Nov, 2030 87 $402.11 $567.35 $969.46 $79,855.19
Dec, 2030 88 $399.28 $570.18 $969.46 $79,285.01
Jan, 2031 89 $396.43 $573.04 $969.46 $78,711.97
Feb, 2031 90 $393.56 $575.90 $969.46 $78,136.07
Mar, 2031 91 $390.68 $578.78 $969.46 $77,557.29
Apr, 2031 92 $387.79 $581.67 $969.46 $76,975.62
May, 2031 93 $384.88 $584.58 $969.46 $76,391.03
Jun, 2031 94 $381.96 $587.51 $969.46 $75,803.53
Jul, 2031 95 $379.02 $590.44 $969.46 $75,213.08
Aug, 2031 96 $376.07 $593.40 $969.46 $74,619.69
Sep, 2031 97 $373.10 $596.36 $969.46 $74,023.33
Oct, 2031 98 $370.12 $599.34 $969.46 $73,423.98
Nov, 2031 99 $367.12 $602.34 $969.46 $72,821.64
Dec, 2031 100 $364.11 $605.35 $969.46 $72,216.29
Jan, 2032 101 $361.08 $608.38 $969.46 $71,607.91
Feb, 2032 102 $358.04 $611.42 $969.46 $70,996.49
Mar, 2032 103 $354.98 $614.48 $969.46 $70,382.01
Apr, 2032 104 $351.91 $617.55 $969.46 $69,764.46
May, 2032 105 $348.82 $620.64 $969.46 $69,143.82
Jun, 2032 106 $345.72 $623.74 $969.46 $68,520.08
Jul, 2032 107 $342.60 $626.86 $969.46 $67,893.22
Aug, 2032 108 $339.47 $629.99 $969.46 $67,263.23
Sep, 2032 109 $336.32 $633.14 $969.46 $66,630.08
Oct, 2032 110 $333.15 $636.31 $969.46 $65,993.77
Nov, 2032 111 $329.97 $639.49 $969.46 $65,354.28
Dec, 2032 112 $326.77 $642.69 $969.46 $64,711.59
Jan, 2033 113 $323.56 $645.90 $969.46 $64,065.69
Feb, 2033 114 $320.33 $649.13 $969.46 $63,416.56
Mar, 2033 115 $317.08 $652.38 $969.46 $62,764.18
Apr, 2033 116 $313.82 $655.64 $969.46 $62,108.54
May, 2033 117 $310.54 $658.92 $969.46 $61,449.62
Jun, 2033 118 $307.25 $662.21 $969.46 $60,787.41
Jul, 2033 119 $303.94 $665.52 $969.46 $60,121.88
Aug, 2033 120 $300.61 $668.85 $969.46 $59,453.03
Sep, 2033 121 $297.27 $672.20 $969.46 $58,780.84
Oct, 2033 122 $293.90 $675.56 $969.46 $58,105.28
Nov, 2033 123 $290.53 $678.93 $969.46 $57,426.35
Dec, 2033 124 $287.13 $682.33 $969.46 $56,744.02
Jan, 2034 125 $283.72 $685.74 $969.46 $56,058.28
Feb, 2034 126 $280.29 $689.17 $969.46 $55,369.11
Mar, 2034 127 $276.85 $692.62 $969.46 $54,676.49
Apr, 2034 128 $273.38 $696.08 $969.46 $53,980.42
May, 2034 129 $269.90 $699.56 $969.46 $53,280.86
Jun, 2034 130 $266.40 $703.06 $969.46 $52,577.80
Jul, 2034 131 $262.89 $706.57 $969.46 $51,871.23
Aug, 2034 132 $259.36 $710.10 $969.46 $51,161.12
Sep, 2034 133 $255.81 $713.66 $969.46 $50,447.47
Oct, 2034 134 $252.24 $717.22 $969.46 $49,730.25
Nov, 2034 135 $248.65 $720.81 $969.46 $49,009.44
Dec, 2034 136 $245.05 $724.41 $969.46 $48,285.02
Jan, 2035 137 $241.43 $728.04 $969.46 $47,556.99
Feb, 2035 138 $237.78 $731.68 $969.46 $46,825.31
Mar, 2035 139 $234.13 $735.33 $969.46 $46,089.98
Apr, 2035 140 $230.45 $739.01 $969.46 $45,350.97
May, 2035 141 $226.75 $742.71 $969.46 $44,608.26
Jun, 2035 142 $223.04 $746.42 $969.46 $43,861.84
Jul, 2035 143 $219.31 $750.15 $969.46 $43,111.69
Aug, 2035 144 $215.56 $753.90 $969.46 $42,357.79
Sep, 2035 145 $211.79 $757.67 $969.46 $41,600.12
Oct, 2035 146 $208.00 $761.46 $969.46 $40,838.66
Nov, 2035 147 $204.19 $765.27 $969.46 $40,073.39
Dec, 2035 148 $200.37 $769.09 $969.46 $39,304.30
Jan, 2036 149 $196.52 $772.94 $969.46 $38,531.36
Feb, 2036 150 $192.66 $776.80 $969.46 $37,754.55
Mar, 2036 151 $188.77 $780.69 $969.46 $36,973.86
Apr, 2036 152 $184.87 $784.59 $969.46 $36,189.27
May, 2036 153 $180.95 $788.51 $969.46 $35,400.76
Jun, 2036 154 $177.00 $792.46 $969.46 $34,608.30
Jul, 2036 155 $173.04 $796.42 $969.46 $33,811.88
Aug, 2036 156 $169.06 $800.40 $969.46 $33,011.48
Sep, 2036 157 $165.06 $804.40 $969.46 $32,207.08
Oct, 2036 158 $161.04 $808.43 $969.46 $31,398.65
Nov, 2036 159 $156.99 $812.47 $969.46 $30,586.19
Dec, 2036 160 $152.93 $816.53 $969.46 $29,769.66
Jan, 2037 161 $148.85 $820.61 $969.46 $28,949.04
Feb, 2037 162 $144.75 $824.72 $969.46 $28,124.33
Mar, 2037 163 $140.62 $828.84 $969.46 $27,295.49
Apr, 2037 164 $136.48 $832.98 $969.46 $26,462.51
May, 2037 165 $132.31 $837.15 $969.46 $25,625.36
Jun, 2037 166 $128.13 $841.33 $969.46 $24,784.02
Jul, 2037 167 $123.92 $845.54 $969.46 $23,938.48
Aug, 2037 168 $119.69 $849.77 $969.46 $23,088.72
Sep, 2037 169 $115.44 $854.02 $969.46 $22,234.70
Oct, 2037 170 $111.17 $858.29 $969.46 $21,376.41
Nov, 2037 171 $106.88 $862.58 $969.46 $20,513.83
Dec, 2037 172 $102.57 $866.89 $969.46 $19,646.94
Jan, 2038 173 $98.23 $871.23 $969.46 $18,775.72
Feb, 2038 174 $93.88 $875.58 $969.46 $17,900.13
Mar, 2038 175 $89.50 $879.96 $969.46 $17,020.17
Apr, 2038 176 $85.10 $884.36 $969.46 $16,135.81
May, 2038 177 $80.68 $888.78 $969.46 $15,247.03
Jun, 2038 178 $76.24 $893.23 $969.46 $14,353.81
Jul, 2038 179 $71.77 $897.69 $969.46 $13,456.12
Aug, 2038 180 $67.28 $902.18 $969.46 $12,553.94
Sep, 2038 181 $62.77 $906.69 $969.46 $11,647.24
Oct, 2038 182 $58.24 $911.22 $969.46 $10,736.02
Nov, 2038 183 $53.68 $915.78 $969.46 $9,820.24
Dec, 2038 184 $49.10 $920.36 $969.46 $8,899.88
Jan, 2039 185 $44.50 $924.96 $969.46 $7,974.92
Feb, 2039 186 $39.87 $929.59 $969.46 $7,045.33
Mar, 2039 187 $35.23 $934.23 $969.46 $6,111.10
Apr, 2039 188 $30.56 $938.91 $969.46 $5,172.19
May, 2039 189 $25.86 $943.60 $969.46 $4,228.59
Jun, 2039 190 $21.14 $948.32 $969.46 $3,280.28
Jul, 2039 191 $16.40 $953.06 $969.46 $2,327.22
Aug, 2039 192 $11.64 $957.82 $969.46 $1,369.39
Sep, 2039 193 $6.85 $962.61 $969.46 $406.78
Oct, 2039 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 Aug, 2053 Oct, 2039

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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