When to Make Overpayments?

The really important thing to consider here is when the interest on your loan is calculated by your lender. If the interest is calculated daily or weekly, you can make overpayments whenever you like without paying much consideration to time.

Should I make loan overpayments?

Making overpayments to your personal loan will reduce the loan term, so you'll pay it back faster which will save you money overall. You'll also be pay less interest on the outstanding balance. ... Paying off a loan faster is a great option if you have some extra money each month or an extra lump sum.

Is it worth paying off mortgage early?

The biggest reason to pay off your mortgage early is that often it will leave you better off in the long run. Standard financial advice is that if you have debts (such as mortgages), the best thing to do with your savings is pay off those debts. ... Generally, a smaller mortgage gives you greater freedom and security.