Compare your current repayment mortgage with a new deal, including fees and estimated break-even time.
Illustration only. It assumes a capital-and-interest repayment mortgage with a constant rate for the full remaining term. Lender calculations and product periods may differ.
How to use the Remortgage Calculator UK
Enter your outstanding mortgage balance, remaining term, current rate, proposed new rate and total switching costs. The calculator compares monthly repayments, total interest, net lifetime saving and the time needed for monthly savings to recover the fees.
How the remortgage comparison works
| Result | Method |
|---|---|
| Monthly repayment | Standard repayment-mortgage amortisation formula |
| Monthly saving | Current payment − new payment |
| Break-even point | Switching costs ÷ positive monthly saving |
| Net lifetime saving | Current total cost − new total cost including fees |
Remortgage fees to include
Switching can involve a new product or arrangement fee, valuation and legal costs, a mortgage exit fee and an early repayment charge. MoneyHelper explains that an early repayment charge may apply if you leave before the end of your current deal. Review its remortgaging guidance before making a decision.
Why the lowest rate may not be cheapest
A lower interest rate can reduce the monthly repayment, but fees may offset the saving. Compare the cost over the period you expect to keep the new deal, not only the full mortgage term. If the deal lasts two or five years, ask the lender for the total cost over that product period.
Loan-to-value and affordability
Your available deals may depend on property value, loan-to-value ratio, income, credit history and lender affordability checks. A calculator can compare assumed deals but cannot confirm eligibility or approval.
Related calculators
Allow for property protection with the Home Insurance Calculator UK. Landlords can review returns using the Rental Yield Calculator UK. Test faster repayment with the Mortgage Overpayment Calculator UK. Browse all tools on the United Kingdom Calculator homepage.
Frequently asked questions
What does remortgaging mean?
Remortgaging means replacing your existing mortgage with a new deal, either from your current lender or a different lender.
Does this calculator include remortgage fees?
Yes. Enter all expected one-off switching costs in the fees field so they are included in the net saving and break-even estimate.
What is a remortgage break-even point?
It is the estimated number of months required for monthly payment savings to recover the upfront switching costs.
Can I remortgage before my fixed deal ends?
You may be able to, but your existing lender might charge an early repayment fee. Check the mortgage offer and ask the lender.
Does a cheaper monthly payment always save money?
No. A longer term or high fees can reduce the monthly payment while increasing the total amount repaid.