Work out your monthly mortgage payment, the total interest, and how much time and interest a regular overpayment saves.
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With property price 300,000, deposit (%) 10, interest rate (%) 4.5, mortgage term (years) 25, monthly overpayment 0, the monthly mortgage payment is $1,500.75.
| Property price | 300,000 |
|---|---|
| Deposit (%) | 10 |
| Interest rate (%) | 4.5 |
| Mortgage term (years) | 25 |
| Monthly overpayment | 0 |
| Monthly mortgage payment | $1,500.75 |
|---|---|
| Loan amount | $270,000.00 |
| Total interest over the term | $180,224.31 |
| Interest saved by overpaying | $0.00 |
| Time saved by overpaying | 0 years |
| Mortgage paid off after | 25 years |
Amounts are shown in US dollars for illustration. Choose your own currency in the calculator above; it labels amounts and does not convert them.
Enter the property price, your deposit, the interest rate and the term. A repayment mortgage pays off interest and capital each month, so early payments are mostly interest. An overpayment goes straight to the balance, which cuts the interest charged in every later month and shortens the term.
Monthly payment = L × r ÷ (1 − (1 + r)^−n), where L = price − deposit, r = annual rate ÷ 12 ÷ 100 and n = months. Enter the property price, your deposit, the interest rate and the term. A repayment mortgage pays off interest and capital each month, so early payments are mostly interest. An overpayment goes straight to the balance, which cuts the interest charged in every later month and shortens the term.
With property price 300,000, deposit (%) 10, interest rate (%) 4.5, mortgage term (years) 25, monthly overpayment 0, the monthly mortgage payment is $1,500.75. Loan amount: $270,000.00; Total interest over the term: $180,224.31; Interest saved by overpaying: $0.00; Time saved by overpaying: 0 years; Mortgage paid off after: 25 years.
This is an estimate based on the inputs and assumptions shown on this page, not professional advice. Check anything with financial, health or safety consequences independently.
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Yes. Pick from 33 currencies and the amounts are labelled to match. The selector does not convert between currencies, so enter prices in your own currency.
The calculator compares your mortgage with and without the extra monthly amount. Because each overpayment reduces the balance that interest is charged on, the interest saved is usually much larger than the overpayments themselves, and the mortgage ends earlier.
No. It models a repayment mortgage, where each payment covers interest and repays part of the loan.