Pay a little extra and clear your mortgage years sooner.
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Every extra payment goes straight off the balance, so you pay less interest for the rest of the term. Even £100–£200 a month can cut years off a 25-year mortgage.
Fixed-rate deals often allow 10% a year without an early repayment charge. Compare the saving with what the money would earn in savings after tax, and keep an emergency fund.
| Mortgage balance | 250000 |
| Interest rate | 5% |
| Years remaining | 25 years |
| Extra each month | 200 |
| One-off lump sum now | 0 |
| Penalty-free allowance a year | 10% |
| Early repayment charge above it | 0% |
| Currency | £ Pound |
| Interest saved | £44,432 |
| Mortgage paid off | 5.2 years sooner (238 months left) |
| Normal monthly payment | £1,461.48 |
| Interest without overpaying | £188,443 |
| Interest with overpaying | £144,011 |
£44,432 saved.
| Mortgage balance | 300000 |
| Interest rate | 6.5% |
| Years remaining | 28 years |
| Extra each month | 0 |
| One-off lump sum now | 20000 |
| Penalty-free allowance a year | 10% |
| Early repayment charge above it | 0% |
| Currency | $ Dollar |
| Interest saved | $85,903 |
| Mortgage paid off | 4.5 years sooner (282 months left) |
| Normal monthly payment | $1,941.05 |
| Interest without overpaying | $352,192 |
| Interest with overpaying | $266,289 |
$85,903 saved.
Usually if your mortgage rate is higher than what your savings earn after tax and you have an emergency fund.
Reducing the term saves more interest; reducing the payment improves monthly cash flow.
Commonly 10% of the balance a year on UK fixed deals; check your mortgage offer.
Overpaying is a guaranteed return at your mortgage rate; investing may earn more over long periods but with risk.