Your Mortgage Is Costing You £600,000. Here Is the Number That Changes It.

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Ep26. Most mortgage holders never calculate the total interest they will pay. The number changes the decision.

The average UK first-time buyer mortgage in 2024: £220,000 at 5.2% over 25 years. Total repayment: £391,000. Interest alone: £171,000. A £300,000 mortgage at 5% over 25 years costs £531,000 in total. Overpaying £200 per month saves £87,000 in interest and 6 years. The same £200 per month invested over 25 years at the 30-year historical index average produces £162,000. The decision is a rate comparison — not a values question. Below 4%: the data favours investing. Above 6%: overpay. Between 4–6%: split. Your mortgage rate is the answer. (Bank of England MLAR 2024 · MSCI World)

Note: this framework assumes standard risk tolerance. If eliminating debt matters more to you than expected returns, overpaying is the right choice at any rate.

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