Although this calculator acts as a simple mortgage calculator, you can also use it to see how much you can save when you make extra payments regularly, or if you make a one-off lump sum repayment into the mortgage.
Interested to see how your loan might change if you put a few more dollars toward it each payment period? Maybe you want to see how much you'll save by putting in a one-time lump sum payment. The extra & lump sum payments calculator allows you to see how paying more than required, over time or in one go, can change the lifetime cost of your mortgage. Not only can extra repayments save you hundreds in interest, you may be able to make fewer payments overall, depending on how much more you pay.
Remember, some lenders set an annual limit on the value of lump sum and overpayments you can make – 10% of the total mortgage value per year, for example – before you have to pay early repayment charges, while others put a percentage cap on the additional payments you can make each period. Also, not all mortgages allow for extra repayments.