We’ve launched our new overpayment calculator
We first launched our overpayment calculator shortly after leaving Labs in April 2023 to help our customers understand the powerful, compounding impact of making lump sum or regular overpayments. Since then, it has become one of our most important (and used!) features. We’ve seen some great feedback along the way, and - paired with a couple of known areas we’ve wanted to improve - we are happy to introduce you to the latest version of our Overpayments Calculator!
What’s new?
- Usability improvements: Use the tabs and slider to quickly and easily compare the impact of making different overpayment amounts.
- Incorporating our broader Homeownership product: We’ve added lots of new features to Homeownership including deal reminders and property equity. We now use this new information to generate best-in-class assessments about the impact of overpayments.
- We’ll even tell you how old you’ll be when you’ll be mortgage free!
It’s been really great to hear everyone’s feedback, keep it coming! We read all of it and love hearing what’s working well for you and how we can improve things. You can leave feedback here or via the feedback form in our part of the app - ideas are welcome!
How to get it:
- Update your app to 5.61
- Connect your mortgage if you’ve not already done so
- Go to your mortgage and tap Get started to… get started!
This was great work by Gary and the rest of the team! I think this now takes us to one of the most powerful (and above all intuitive & educational) overpayment calculators out there!
I love the fact that if you’ve used our other tools, there’s nothing else you need to get these super rich insights!
Let us know what you think!
Great work by the team! The truth is that Monzo tells me much more about my mortgages than either of my lenders! and it’s all available in the Monzo app… quite remarkable.
One thing that would improve it for me is graphs. I love a good graph / visual ; ideally showing historic balances and future forecasts with markers for now, deal end date and final payment. Sure it may not be that interesting to some folks , but I find a graph easier to read that stacks of numbers.
Ditto, hate to be another person asking for the earth but it’s all pretty texty and some graphs would be great. Overall fantastic work by the team, loving all the innovations in the app at the moment and it makes me proud to bank with, and recommend, Monzo.
Keep up the great work
Thanks for the positive feedback gang! We definitely have graphs on our mind and can see the appeal (I love me a graph! ) but we’ve actually struggled when we’ve tested with customers over the course of the last 12 months or so!
Our assumption is that there’s a group of folks who reading a graph comes naturally (probably a lot of the people at Monzo and on the Community) but for others it takes a lot of mental load to understand what’s being communicated.
Buuuut, I’m sure there’s a way to crack it and it doesn’t need to be one or the other!
Congrats Monzo team, this whole feature feels more like the magic of using Monzo for the first time.
I don’t yet have a mortgage but this looks like such a clever feature.
Loving the community engagement too, fascinating learning how you are managing the data!
Amazing work. The calculator is by far the best I’ve used and like @caribo says, is more insightful than my current lender! I too would love a graph Mortgages in Monzo is my favourite feature
I don’t have a mortgage yet but knowing how old I’ll be when mortgage free is slightly terrifying!
I’ve managed to get my house correctly showing as a semi detached (instead of terraced) on the Land Registry, now I’m wondering, how often does Monzo pull in new data?
Again, thanks for your help and the new overpayments calculator looks great!
Hopefully looking at overpayments makes that a tiny bit less terrifying! It certainly is something we’re conscious of but we think bringing your attention to it is still helpful.
For my situation, it really brings home that “only” £100 extra shared between knocks 5 whole years off my mortgage I spent a lot of both at and before Monzo looking at all things homeownership but this fact still blows my small mind!
Go on then… I’ll bite! How about a drawing / describing challenge on what you’d like to see as a graph?
Broadly speaking I see two main opportunities for a more visual element:
- Charting your progress so far
- Equity, mortgage balance, home value, loan to value %
- The challenge to remember is that we only have granular balance history for your current lender (but we keep it if you switch deals with your current lender)
- Most of this information doesn’t change that quickly - we’re playing the long game with mortgages
- Forward-looking
- What your mortgage balance, equity, loan to value will look like over time
- How that could change with overpayments
- How these could change with property value changes (this feels quite a hard one to weave in)
What else?
Did someone say graph?
And then shade the gap and show what that is worth in £
Out of interest, what does this show you that makes you think “ah now i understand / visualise this better”?
My feeling is that sometimes once you’ve seen one overpayment calculator, you’ve seen them all and you’re often looking at just the difference in when you’re paid off by when the y axis = 0.
One area that I do think it possibly works if it shows hitting new rate milestones (when you reach loan to value bands) over time
Could that be shown on a graph with a line showing home value and then a shaded area increasing showing your equity. More horizontal lines on that could show the LTV bands?
Can you see the updated information in this price paid dataset?
If so, it should work by disconnecting and reconnecting the property (not the mortgage). Let me know if it doesn’t!
Hint: I’d just use the postcode and I believe you need to include the space between first and second part…
I like this type of chart showing 3 periods, the past, the future fixed rate, period and the distant future… The info I like is : -
- The last update figure form the credit rating agency
- The current mortgage forecast (likely to be the last updated figure + the next monthly payment as the data is 4-6 weeks delayed)
- The balance at the end of my fix
- The end date of my mortgage
I would like to see this type of visual upfront.
For the overpayment calculator I can envisage something similar to Revels chart.
It’s showing up in the dataset now, however it doesn’t appear to be reflecting in Monzo app yet, it still talks about the property being terraced after removing and adding back in.
Can we add in a tool which takes into account everyone with a part ownership - I have a shared ownership scheme and it would be great to have this tool take that into account when it comes to calculating equity etc. It becomes skewed thinking we own more than we do.
If this could be added that would be great, if not a work around would be great!