Enter your data
£
%
years
£
%
Enter the balance, rate, remaining term, lump sum and any ERC %. Mortgages often allow 10%/year overpayment ERC-free — set the charge to 0 within that.
=Interest saved
43,519£
Time saved3 years 7 months
New term16 years 5 months
Interest saved (gross)44,119 £
Early repayment charge600 £
Net saving43,519 £
Same monthly payment kept, so the loan clears sooner. Fixed-rate mortgages carry a tapering ERC (often 5/4/3/2/1%), usually with a 10%/year penalty-free overpayment allowance; variable-rate loans are normally penalty-free.
Interest saved ≈ 43,519 £, Time saved 3 years 7 months