Remortgage calculator: compare interest, fees, and break-even
Compare your current repayment mortgage with a new rate over the same term. Include product fees, switching costs, and any early repayment charge to avoid a misleading rate-only result.
Current mortgage and new deal
Compare interest and fees over the same period and remaining term.
Comparison result
Repayment mortgage illustration with fees paid upfront.
Estimated saving over 5 years
£12,009
- Current monthly payment
- £1,290
- New monthly payment
- £1,139
- Monthly difference
- £151 lower
- Switching fees included
- £999
- Current interest cost
- £50,194
- New interest cost
- £37,186
Simple fee break-even
About 7 months
The total-cost result uses interest plus entered fees, so it also accounts for different capital repayment speeds. The simpler break-even divides fees by the monthly payment reduction.
This calculator is for guidance only.
Results are illustrative estimates based on the figures you enter and do not constitute regulated mortgage advice, financial advice, or a binding quote. Mortgage rates and lender criteria change daily. For an accurate quote and advice tailored to your situation, speak to an FCA-authorised mortgage broker. MortgageConnector is not a broker — we are a free service that introduces you to one. Get matched with a broker.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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Estimate an ERC for redeeming early
What the comparison includes
- Monthly repayment on the same outstanding balance and term
- Interest paid during the selected comparison period
- New product fee paid upfront
- Legal, valuation, and advice costs you enter
- Any early repayment charge you enter
- Different remaining balances caused by different rates
What to verify first
- Current balance, rate, remaining term, and deal end date
- Exact ERC or redemption figure from the current lender
- Whether the new fee is paid upfront or added to the mortgage
- Cashback, free valuation, or legal package
- Whether the new rate lasts for the full comparison period
- Product transfer options from the existing lender
Why rate-only remortgage comparisons fail
A lower rate can still be the more expensive deal when it carries a large product fee, an ERC on the current mortgage, or extra switching costs. MoneyHelper recommends comparing arrangement fees and charges on the existing deal as well as the rate. Cashback and free legal or valuation packages also affect the result.
Compare deals over a period that matches how long you expect to keep the new product. A five-year comparison is not appropriate for a two-year fix unless you separately model what happens after the fixed period. This calculator assumes both entered rates remain unchanged throughout the selected period, so adjust the period to match the evidence you have.
Product transfer versus a new lender
Staying with the current lender on a new product can involve less administration and may not require the same affordability assessment where the balance is not increased. Moving to another lender normally requires full underwriting, valuation, and legal work. The simpler route is not automatically the cheaper one.
Ask a broker to compare the current lender's product-transfer options with eligible deals elsewhere using the same loan amount, term, fee treatment, and product period. Continue with the remortgage guide, ERC calculator, and LTV calculator.
Debt consolidation needs extra care
Using a remortgage to repay credit cards or loans converts unsecured borrowing into debt secured against your home. A lower rate can still cost more if the debt is repaid over a much longer term, and missed mortgage payments put the home at risk. Compare the total amount repayable and obtain regulated advice before securing other debts against your property.
Remortgage calculator questions
How should I compare remortgage deals?
Compare interest over the period you expect to keep the product, product fees, early repayment charges, legal and valuation costs, advice fees, cashback, incentives, and the balance remaining at the end. The lowest initial rate is not always the lowest total cost.
Does the calculator include an early repayment charge?
Yes, if you enter it. Obtain the exact redemption figure or ERC from your current lender rather than estimating from the original product literature.
What is a product transfer?
A product transfer means switching to another deal with your existing lender without moving the mortgage to a new lender. It can involve less administration, but it should still be compared with eligible new-lender deals and all costs.
Does a lower monthly payment always mean a cheaper remortgage?
No. Extending the mortgage term can lower the payment while increasing total interest. This calculator keeps the remaining term the same for both scenarios and compares interest plus entered fees over the selected period.
Should I add the product fee to the mortgage?
Adding a fee reduces the cash needed upfront but means paying interest on that fee. This calculator treats entered fees as paid upfront. Ask for both versions of a lender illustration if you are considering adding the fee to the balance.
Compare a real product transfer and remortgage
Get introduced to an FCA-authorised remortgage broker who can compare eligible products and total costs.
Find a remortgage broker