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Mortgage Repayments Calculator

The Mortgage Overpayments calculator calculates the time and interest saved paying off a loan when making regular monthly overpayments. The overpayments are made after the start of the loan, are paid monthly in addition to the standard monthly mortgage payments and remain constant throughout the term of the loan.

Interest Rates - The calculator assumes that interest rates will remain the same.

Overpayments - The calculator assumes that the overpayments illustrated remain constant throughout the life of the loan and are made on a monthly basis. If overpayments are made on an adhoc basis, this will reduce the standard monthly repayment not the projected loan term.

Warning - The information provided by this tool is for guidance, and does not include all of the details you need to choose a mortgage. Please ensure you obtain and review a separate Key Facts Illustration Tooltip: The Key Facts Illustration (KFI) gives you tailored information based on a particular mortgage product and the level of lending you require. It contains important information including all associated rates and fees, the overall cost of the mortgage and your monthly payments. before you make a decision. To obtain a KFI, please use the Find and Compare tool and select a suitable mortgage product.

If you wish to apply for a mortgage, please use our Find and Compare tool for details of the Bank mortgages that may be available to you.

Take a look at the Making Overpayments section to find more information.

Calculator Assumptions

Calculator Assumptions

Length of Month - Months are of equal length. However given some months are longer than others interest charged will vary depending upon the month.

Number of Weeks & Fortnights in a Year - One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.

Rounding of Repayment Amounts - The calculator uses the unrounded repayment to derive the amount of interest payable over the full term of the loan, however, institutions round repayments to the nearest pence. Unrounded payments provide for constant line within the graph. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.

Interest Rate - The interest rate input in the loan section of the calculator is a nominal interest rate per annum. The interest applied over each repayment period has been calculated as the nominal interest rate divided by the number of deposit periods.

Timing of Interest Conversion - The calculator assumes that interest is charged to the loan account at the same frequency as the repayments are made. In practice, there may be differences between the timing of the loan repayments and the timing of the interest charges being added to the loan balance.

Interest Rates - The calculator assumes that interest rates will remain the same.

The figures provided by the calculator are a guide only and are not a precise calculation.

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