Hi, let's assume I take out a variable interest rate mortgage for 30 years and pay more every month consistently to reduce the term to 15 years. In this case would my total repayments be exactly the same as if I have taken out a 15 year mortgage to begin with? The overpayment calculators suggest that my assumption is correct, however are there any sneaky way banks might calculate the interest savings on extra payments I made? Assuming the banks are fair with their overpayment interest calculations, why wouldn't everyone take out a mortgage for as long as they can and pay extra to repay within their intended timeframe? And this would give people a flexibility to pay an original/minimum amount, in case if one's financial situation changed without any penalty. Am I missing something here?