Mortgage Overpayment Calculator
Use our mortgage overpayment calculator to find out how much money you could save by overpaying on your mortgage and reducing the interest charged. Anyone can use this calculator, whether you are an existing Lloyds’ customer or you have your mortgage with another lender.
To get started, simply enter your current mortgage details and then how much you’d like to overpay, either as regular monthly overpayments or as a lump sum. We’ll then show you how much you could save.
Find out more information about overpaying on your mortgage and things to consider when using our mortgage overpayment calculator.
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We use the following assumptions in the calculations:
- Based on a repayment mortgage
- Any regular monthly overpayments remain the same over the term of the mortgage
- All years are of equal length
- Interest is calculated daily and added monthly
- The mortgage balance shown on the graph and table are the same, and are the amount left on the mortgage at the end of that particular year
- Multiple sub-accounts must be calculated individually
- Estimate of total interest saved is rounded to the nearest pound
- There is no change in interest rate which would recalculate your monthly payment
- There will not be any changes to your mortgage which would result in a recalculation of your monthly payment e.g. changes to your mortgage product, term, type or change of owners
Should you overpay on your mortgage?
It’s tempting to start overpaying if you can, but there are things you should think about before you do. Overpaying could mean lower monthly payments and flexibility with future payments when it’s needed.
More things to consider
Overpayments will not always lower your mortgage term. Whenever we work out your monthly payment, we will use the reduced balance to work out the new payment over your existing term. If you want to reduce your term you will need to speak to one of our mortgage advisers to discuss your options. There are also limits on what you can overpay before you may be charged an early repayment charge. You should check with your mortgage provider before you decide to overpay. You should make sure you have savings in place for emergencies, rather than using all your money on your mortgage.
You could lose your home if you don’t keep up your mortgage repayments
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
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