Overpayment penalty charges - long run

tommer82

I have a property I use for renting out to professionals, 190k owed on interest only, rate 3.79% Variable until Dec 2025

I can overpay £500 per month interest free,anything above £500 per month incurs 3% penalty. For example, I overpay £1000 in a month I will incur £15 penalty charge (First £500 interest free and second £500 penalty of 3% of £500 which is £15).

If I can afford it and want to get this debt down which is the better option, pay £500 or pay more than £500