Before making a mortgage overpayment, speak with a Qualified Mortgage Advisor. They can check whether your lender allows overpayments without penalty, and whether any limits or charges apply.

If you are on a variable rate, you may have more flexibility. But many fixed-rate mortgages place limits on how much you can overpay each year without triggering an early repayment charge.

Overpayment rules can vary by lender and mortgage product, so use any calculator as a guide only. A Qualified Mortgage Advisor can help you confirm the exact amount you can safely overpay and whether it makes sense for your wider finances.

You should also decide what you want the overpayment to do. In many cases, the strongest benefit comes from reducing the mortgage balance and shortening the term, rather than simply lowering your monthly repayment.