Our mortgage overpayment calculator can give you an idea of how overpaying on a mortgage could save you money by reducing the amount of interest charged. Anyone can use this calculator - whether you are an existing mortgage customer with us or you have a mortgage with another lender.
The calculator is for illustrative purposes only and based on certain key assumptions, listed below. It provides an indication of the interest you could save. The calculator doesn’t take into consideration any early repayment charges that may apply and is based on a repayment mortgage.
Before making overpayments, talk to your lender to understand if any early repayment charges apply. If you want your overpayments to have the effect of reducing your mortgage term, rather than reducing your monthly payment, you need to talk to your lender.
If you’ve got a Halifax mortgage, overpayments won’t automatically reduce your mortgage term or your monthly mortgage payment, 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, the monthly payment will be calculated using the existing remaining term of the mortgage. If you want to reduce your term you will need to speak to one of our mortgage advisers to discuss your options. Find out more about reducing your mortgage term.
We use the following assumptions in the calculations:
Learn more about lump sum overpayments and how much it might cost.
Find out how to set up a regular overpayment and how much it could cost.