Interest Only Mortgage Overpayment Calculator

Use our calculator to work out how overpaying on your interest only mortgage can help reduce your mortgage balance.

The calculator is for illustrative purposes only and is based on some key assumptions, which are shown at the bottom of this page. It should only be used as a guide and provides an indication of both the interest you could save and how much you could reduce your mortgage balance by.

If your mortgage is made up from different parts, then you’ll need to work-out each part separately.

You can find out which interest rates apply to each sub-account via Internet Banking or in your latest mortgage statement from us.

The calculator doesn’t take into consideration any early repayment charges that may apply.

You can find this via internet banking or on our mobile app
£
You can find this via internet banking or on our mobile app
Enter your percentage rate e.g 3.59. You can find this via internet banking or on our mobile app
Regular payments are monthly. Lump sum payments are one off.
Overpayments are in addition to your contractual monthly payment. The more you overpay, the more you save in interest charges.
£

My mortgage term has ended

If you haven’t repaid your interest only balance yet or you don’t have enough to repay it in full, we’ll help you understand your next steps.

The sooner you talk to us, the more options you may have.

You need to call us so we can agree a solution with you. Call us on 0345 609 8953. Lines are open Monday to Friday 8am - 8pm and Saturday 8am - 1pm.

How overpaying can help

Remember these results are based on what you’ve told us and assume you’ve worked out each sub-account separately.

After making ##numberpayments## overpayments of ##overpay-amount##

Your mortgage balance could be

##postbalio##

This amount needs to be repaid in full at the end of your mortgage term.

You will save ##differenceio## in interest charges over the term of your mortgage.

These calculations are based on what you’ve told us and are to be used as a guide only.

Set up a regular overpayment

Make a lump sum overpayment

Back to Interest Only mortgages

How overpaying can help

Remember these results are based on what you’ve told us and assume you have one interest rate on your mortgage.

With the overpayments you have selected your mortgage balance will be cleared after ##monthstoclear##

Your mortgage balance could be

##postbalio##

You will save ##differenceio## in interest charges over the term of your mortgage.

These calculations are based on what you’ve told us and are to be used as a guide only.

Set up a regular overpayment

Make a lump sum overpayment

Back to Interest Only mortgages

Overpayments on interest only parts of your mortgage won’t automatically reduce your monthly mortgage payment, unless you ask us to, but could save you money by reducing the amount of interest charged. When the next monthly payment recalculation happens, for example at an interest rate change, your monthly payment will be re-calculated using the remaining term and mortgage balance.

  • We use the following assumptions in the calculations: 

    • All years are of equal length.
    • Interest is calculated monthly.
    • Multiple sub-accounts must be calculated individually. 
    • This calculator can only be used for Interest only parts of your mortgage.
    • Estimate of total interest saved is rounded to the nearest pound.
    • Estimate of total balance is rounded to the nearest pound.
    • The calculator does not take into account any changes in interest rate. 
    • There will not be any other changes to your mortgage which would result in a recalculation of your monthly payment.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE