How much interest saved monthly when overpaying?

SharkMoney

Hello
I am thinking of overpaying my mortgage by £10k. My question is, how much will that save me in interest if I redeem the mortgage in 2 months time? Interest rate is 1.99.

I am trying to work out if its worth paying 10k off now or just keep it in savings for liquidity- I am thinking of moving house very soon. Assume savings interest rate is 0.

MovingForwards

Plug the details in:

https://www.halifax.co.uk/mortgages/mortgage-calculator/overpayment-calculator/

Thrugelmir

Some £30 or so. 

[Deleted User]

there is a simple calculation you can do!
take your interest rate and divide it by 100 to get it as a decimal, then divide it by 365 to get the rate per day.
Multiply that by the amount you are paying, then multiply that by the number of days

So for your example a rate of 1.99% is 0.0199‬ per year
that is 0.000054521...... per day
times that by £10k = an interest saving of 54.5p per day
so that will save you £16.90 in March £16.36 in April ...