Skip to content
FinanceWith Ease
Change country: Ireland

Choose your country

Australia Canada Ireland New Zealand United Kingdom United States

Mortgage Overpayment Calculator

See how much sooner you’ll pay off your mortgage, and how much interest you’ll save, by paying extra each month or a lump sum.

€

What you owe now

%
€
€

Paid now

Mortgage-free sooner by

4 years, 4 months

Paid off in 20 years, 8 months instead of 25 years

Interest saved
€28,757
Monthly repayment with extra
€1,701.87
Interest over the rest of the mortgage
  • Interest you’ll pay€121,804
  • Interest saved€28,757

What this means

Every extra repayment goes straight off what you owe, so you stop paying interest on it. That’s like a guaranteed return of 3.5%, your mortgage rate.

Clear debts with higher rates, like credit cards, first, and keep an emergency fund before overpaying. Check your lender’s limits on overpayments without a fee.

Next step

With and without overpaying

WithoutWith
Monthly repayment€1,501.87€1,701.87
Lump sum now––
Time left25 years20 years, 8 months
Total interest€150,561€121,804
Total paid€450,561€421,804

Before you overpay

Overpaying a variable-rate mortgage is usually free. Fixed-rate mortgages may charge a fee for paying off more than a set amount, so check with your lender.

Keep some savings for emergencies first. And if your savings earn more after tax than your mortgage rate, saving can beat overpaying.

Principal and interest paid each year
€20,422€10,211€0
136912151821
PrincipalInterest
Assumptions in this estimate
  • Your repayment stays the same, so overpaying shortens the mortgage. Some lenders lower your repayment instead, which saves less interest.
  • Assumes the interest rate stays the same for the rest of the mortgage.
  • Fees or charges for overpaying aren’t included.
Spotted a mistake? Tell us

How the calculator works

  1. Your mortgage now: what you owe, the rate and the years left give your current repayment.
  2. Paying extra: an extra amount with every repayment, a one-off lump sum, or both. Your repayment stays the same, so the mortgage ends sooner.
  3. The difference: how much sooner it’s paid off, and the interest you save.

Example

€300,000 at 3.5% with 25 years left, repaid at €1,501.87 a month:

Paying extra Paid off in Interest saved
Nothing 25 years –
€200 a month 20 years, 8 months €28,757
€500 a month 16 years, 6 months €55,580
€10,000 lump sum 23 years, 9 months €13,451

Last updated

Frequently asked questions

How much will I save by paying €200 extra a month?

On a €300,000 mortgage at 3.5% with 25 years left, €200 extra a month clears it 4 years, 4 months sooner and saves €28,757 in interest.

Is a lump sum or extra each month better?

Both help, and the sooner money goes in, the more interest it saves. On the same mortgage, a €10,000 lump sum now clears it 1 year, 3 months sooner and saves €13,451.

Can I overpay a fixed-rate mortgage?

Often, but some lenders charge a fee for paying off more than a set amount during a fixed rate. Overpaying a variable-rate mortgage is usually free.

Should I pay off my mortgage or save?

Keep some savings for emergencies first. After that, if your savings earn more after tax than your mortgage rate, saving can come out ahead.