What an overpayment saves, before you make it
See the interest and the years an overpayment takes off your mortgage, and the new end date, worked out month by month for up to 40 years. Excel and Google Sheets.
What you get
- Excel workbook, 8 tabs and 7 chartsStart here, Settings, Dashboard, Schedule, Scenarios, ERC check, Overpay or save, Remortgage planner
- Google Sheets versionA make-a-copy link puts it in your own Drive in one click
- 10 page PDF guideYour mortgage today, your plan and allowance, how the sums work, the ERC check, overpay or save and the remortgage planner, with a worked example
- Open me first pageThe Google Sheets button and the three things to do first
Why this one
- Built for UK mortgagesA fixed, tracker or discount rate until the deal ends, then the rate of your next deal. Type your lender's follow-on rate instead to see the cost of not remortgaging.
- An early repayment charge checkType the allowance and charge bands from your offer, pick January to December or the deal anniversary, and see the room left each year or an estimate of the charge.
- Four ways side by sideLump sums only, a monthly extra only, or both, against no overpaying: the interest, the time and the charges for each.
- Overpay or saveYour monthly extra paid off the mortgage, compared with the same amount saved at your savings rate after tax, up to the day your deal ends.
- Ready for the remortgageThe balance and loan to value when the deal ends, an estimate of the next payment at a rate you type, and a checklist dated back from your deal end.
How it works
- Type your mortgageOn Settings: balance, rate, deal dates, the rate after the deal and the term left, from your statement and offer
- Add your overpaymentsA monthly extra and up to 20 dated lump sums, then the allowance and charges from your offer
- See what it savesRead the Dashboard, then check ERC check before any big overpayment
Who it is for
Homeowners in the UK with a repayment mortgage who want to see what overpaying does before they do it: a bonus, an inheritance or a monthly extra. An overpayment is anything you pay on top of your normal monthly payment. Most deals let you overpay a set amount each year without a fee, and going over can mean an early repayment charge, or ERC. You need your latest mortgage statement and your mortgage offer.
Questions
Do I need Microsoft Excel?
No. It comes with a Google Sheets version, which is free with a Google account. The Excel file also opens in the free web version of Excel.
How do I get it?
Straight after payment it is in your library on this site: the Excel file, the PDF guide and the Open me first page with the Google Sheets button.
Does it know my lender's allowance and charges?
No. Nothing about allowances or charges is set by law, so you type them from your own mortgage offer. Many lenders allow 10% a year without a charge.
Will the figures match my lender's to the penny?
Not always. Interest is worked out monthly, while most lenders work it out daily, so treat the results as close estimates. Update the balance from each new statement and it starts again from there.
Is this financial advice?
No. The results are estimates from the figures you type, to help you plan, with no promise of savings. Your lender's own figures and your mortgage offer decide.
Made by Izhar Shah. I built a brand in the evenings alongside a full-time engineering job, and in its first twelve months it passed £500,000 in sales. I make the sheets I wish I had when I started.
Works in
Instant access in your library after payment. The results are estimates to help you plan, not financial advice: your lender's figures and your mortgage offer decide.