A mortgage overpayment is an extra payment you make towards your mortgage, in addition to your regular monthly payments. Overpayments reduce the outstanding balance, which can save you money on interest and shorten the mortgage term.

Calculating the impact of overpayments helps you understand how much time and interest you can save. This allows you to make informed decisions about whether overpaying fits your financial goals and budget.

The calculator assumes that:

• The interest rate remains constant throughout the mortgage term.
• Overpayments are applied directly to the principal balance.
• No penalties or fees are incurred for overpayments.
• Regular monthly payments are made without interruptions.

Yes, the calculator allows you to specify the monthly overpayment amount and the month from which overpayments start. This flexibility helps you tailor the calculations to your financial situation.

The calculations are based on standard formulas and assumptions, such as fixed interest rates and regular payments. They are intended for guidance only and may not account for specific factors like penalty fees or changes in interest rates. Always consult your lender or financial advisor for personalized advice.