Reduce My Mortgage Calculator
This Reduce my Mortgage calculator compares four scenarios: a standard loan, a mortgage with an offset account, a loan with a lump sum payment and a loan with regular extra repayments. It gives an indication of which may save you the most in interest and time.
Before you decide to top-up your mortgage payments, be sure to check if your lender allows overpayment without penalties, and if there are any restrictions as to how much you can add in the payment.
It is crucial to ensure that any additional payment you make will reduce your mortgage debt to shorten the term of payment, instead of reducing the monthly payments. This calculator assumes you reduce the mortgage debt, which should be the main benefit of overpaying.
This information and interactive calculators for Reduce My Mortgage are designed as educational tools, and not intended to provide investment advice. Channel Direct do not guarantee the accuracy of the Reduce My Mortgage calculator results nor their applicability to your circumstances. The results are hypothetical and only for illustrative purposes. We strongly recommend seeking expert advice from qualified professionals about all personal finance concerns.