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Mortgage overpayment calculator
Use the mortgage overpayment calculator and see how even small overpayments could help you become mortgage-free, faster.
Are you a Halifax mortgage customer?
If so, you can log in to use our mortgage overpayment calculator.
With the overpayment calculator you can:
- get accurate results in as little as 2 minutes, based on your mortgage details
- make a one-off overpayment straight away
- schedule a direct debit or standing order for a regular overpayment.
Get set up online
How much could you save by overpaying?
Let’s say your mortgage details are:
- a £200,000 mortgage
- 25 years left on the term
- an interest rate of 5% that stays the same for the whole term
- a monthly payment of about £1,055, which will continue at that level until the mortgage is paid.
Effect of lump sum overpayments
|
Lump sum |
Reduction in term |
Interest saved |
|---|---|---|
|
Lump sum £1,000 |
Reduction in term 2 months |
Interest saved £1,706 |
|
Lump sum £5,000 |
Reduction in term 1 year, 2 months |
Interest saved £8,308 |
|
Lump sum £10,000 |
Reduction in term 2 years, 4 months |
Interest saved £16,080 |
Effect of regular monthly overpayments
|
Monthly overpayment |
Reduction in term |
Interest saved |
|---|---|---|
|
Monthly overpayment £50 |
Reduction in term 1 year, 10 months |
Interest saved £9,800 |
|
Monthly overpayment £100 |
Reduction in term 3 years, 5 months |
Interest saved £18,020 |
|
Monthly overpayment £200 |
Reduction in term 6 years |
Interest saved £31,067 |
Your regular overpayments would have to be paid every month for the whole term to save this much interest.
Remember, these numbers are just an example and a rough guide, not exact figures. Your savings will depend on your interest rate, how much you overpay, and your lender’s rules. Your term won’t automatically shorten. You may have to speak to your lender to arrange this.
Overpaying your Halifax mortgage
As a Halifax mortgage customer, you can overpay your mortgage in 2 ways.
Overpayment limits and ERCs
There may be a limit on how much you can overpay before you have to pay ERCs.
For Halifax customers, the overpayment limit is 10% of your year-start balance each year before an ERC will apply. Limits with other lenders may vary. Always check the details of your mortgage before overpaying.
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