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Tool

Remortgage savings calculator

Compare your current mortgage against a new rate and see if switching is worth the fees.

When your fixed deal ends you're often moved to a higher standard rate. Switching to a new deal can cut your monthly payment, but there are costs, so it only pays off if the saving outweighs them.

This calculator compares your current payment with the new one, then subtracts the fees to show what you'd really save over the new deal, and how long it takes to get your costs back.

Saving over the 2-year deal, after costs

£1,995

Current monthly payment£1,535
New monthly payment£1,390
Monthly saving£146
Costs paid back after11 months

Compares repayment mortgages over the same remaining term and ignores what happens to your rate when the new deal ends. A broker can tell you what you'd actually be offered.

How this calculator works

  1. It works out your monthly payment at the current rate and at the new rate, over the same remaining term.
  2. The monthly difference, multiplied by the length of the new deal, is your gross saving.
  3. Subtracting your switching costs gives the net saving, and dividing the costs by the monthly saving gives the break-even point.

What it assumes

  • Repayment mortgages over the same remaining term, with the balance unchanged.
  • It ignores what your rate will be when the new deal ends.
  • Include arrangement fees, legal fees and any early repayment charge in the costs.

General information, not financial advice. Speak to a mortgage adviser about your own situation.

Remortgage savings calculator: common questions

Short answers to the things people ask most.

When should I start looking for a new deal?

Many lenders let you lock in a new rate up to six months before your current deal ends, with no penalty for switching on its end date. A broker can help you time it.

Can I add the fees to my mortgage?

Often yes, but you then pay interest on them for the whole term. If you can pay fees upfront, the numbers usually look better.

Is the lowest rate always the best deal?

No. A low rate with a large fee can cost more than a slightly higher rate with none. That's why this calculator subtracts the fees.

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