Early Repayment Mortgage Calculator

Use the calculator below to see how those additional small payments make a significant difference to the term of your mortgage and the amount of interest you pay on your mortgage.

Mortgage Early Repayment Calculator
Mortgage Early Repayment Calculation
Increased Monthly RepaymentsMinimum Monthly Repayments
Monthly Repayment
Interest Paid
No. of Payments

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A mortgage is typically the biggest financial commitment that most homeowners have. Monthly mortgage repayments are the biggest outgoing from the household budget, the thought of having no more monthly repayments is a dream that will one day come true but can seem a long way off.

Mortgages are a big financial commitment in terms of the amount borrowed and the duration of the financial agreement. Most mortgages run for an average of 25 years, that is a very long time to wait to completely own your own home. The good news is that you could significantly reduce the amount of time it takes to repay your mortgage by getting into good financial habits and starting to make additional monthly payments on your mortgage.

It is worth noting that not all mortgage lenders accept additional monthly repayments, why is that? The simple answer is that it is not in their interest to do so, when you make extra monthly mortgage repayments you reduce the size of the mortgage and the interest you pay so the mortgage lender makes less profit from the mortgage. Additional payments are great for mortgage borrowers and just a few extra pounds each month can save you thousands in the long run. So, when looking for a new mortgage, ALWAYS look for a mortgage lender who will accept extra payments whenever you can make them. Note that if you cannot get a mortgage with a mortgage lender who will accept additional monthly mortgage repayments, almost ALL mortgage lenders accept a single annual payment in addition to the standard monthly mortgage repayments. Simply save the additional money you set aside for the mortgage and make the payment all at once.

Finding extra money within your existing Household budget

You may be reading this and thinking "okay, that's great but I don't have the money to make additional mortgage payments". The truth is that most of us have very tight household budgets and struggle to find additional funds, whether permanently or periodically. The key to finding the spare money comes from clever financial review and planning. That may sound very grown up or complex but actually, it's simply a case of looking at when you spend and what you spend your money on, then considering how that adds up. We have two tools which will help you find that extra money, you could then use that to start making extra payments on yur mortgage or use it for other necessities or home improvements etc.

  1. Daily Savings Calculator: See how tiny changes to your spending habits can save you £££'s
  2. Monthly Budget Calculator: Understand your household budget and where your money goes. Understanding your finances is the first step towards taking control of your finances.

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