Mortgage balance comparison
Current loan versus best remortgage offer over time
Current mortgage
Best offer
Break-even
United Kingdom · GBP
Work Out Whether a New Mortgage Deal Could Save You Money
Compare your current mortgage with a new loan to estimate payment savings, total cost and your break-even point.
Remortgage offer comparison
Comparing each offer at your selected ownership horizon
| Offer | Initial rate | Fee-adjusted rate | Percentage fee | Net costs | Payment | Break-even | Balance at horizon | Net result at horizon |
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Rate sensitivity analysis
Stress all remortgage offers at lower and higher rates while keeping their terms and fees unchanged
| Rate change | Winning offer | Adjusted rate | Payment | Break-even | Balance at horizon | Net result at horizon | Change from entered rates |
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Remortgage or reduce the current mortgage?
Compare the best remortgage with using the same amount as a capital repayment
| Strategy | Cash used now | Monthly payment | Balance at horizon | Estimated payoff | Net result at horizon |
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UK planning estimate only—not a mortgage offer or advice. The fee-adjusted rate is a simplified comparison and is not the regulated APRC shown in a lender’s European Standardised Information Sheet or mortgage illustration. Initial rates are held constant for modelling, so enter suitable scenarios for any follow-on or reversion rate.
UK remortgage guide
Is a new deal really cheaper than staying put?
Remortgaging usually means moving to a new lender. A product transfer means taking a new deal with your current one. Either way, this calculator compares up to four new offers with keeping your current mortgage, over the same period, so you can see which actually leaves you better off.
A lower monthly payment isn’t always a saving. If the new deal stretches your term, you can pay less each month but still owe more at the end of the comparison.
How the comparison works
For the period you choose, the calculator adds up what you’d pay under each option, including upfront fees and any extra borrowing, and shows what you’d still owe at the end. Set that period to when you expect to move or switch again.
The top-ranked new offer isn’t automatically a good move, because it can still lose to staying where you are. Compare every result with your current mortgage, and keep the term, cash released and time period the same across offers.
Enter each fee once, in the right place
- Common exit costs, such as an early repayment charge or exit fee, apply to all four offers, including the fee-free one.
- Offer costs are entered per offer: fixed fees, a percentage charge and any cashback or credit.
- Percentage charges are worked out on your current balance plus any extra cash you borrow, before any fees are added to the loan.
- Financed fees are added to the new loan and charged interest. Upfront fees stay outside it.
Don’t enter the same charge twice. An early repayment charge belongs in common exit costs, not in an offer as well.
Why simple break-even isn’t the whole picture
Spend £2,000 to cut your payment by £100 a month and you break even after 20 months. But that sum ignores how much you’ll still owe and when the costs fall, which is why the calculator also compares remaining balances.
Offer A’s separate prepaid amount affects the cash you need upfront, but it’s left out of the savings ranking, fee-adjusted rate and break-even figure. The fee-adjusted rate is our own estimate, not the lender’s official APRC.
Run a second scenario for when your deal ends
A two- or five-year fix is much shorter than most mortgage terms. The calculator keeps each rate the same throughout and doesn’t switch to a follow-on rate when the deal ends, so run a second scenario with a likely future rate to see how the payment could change.
Other secured loans are included in the combined borrowing figures, but their payments aren’t part of the new mortgage payment. Before you commit, check the lender’s mortgage illustration, your redemption statement and the fee terms. MoneyHelper explains the costs of remortgaging.
UK remortgage calculator questions
Is a lower rate with a fee better than a fee-free deal?
Only on a bigger loan. On £200,000 over 25 years, a 4.2% deal with a £999 fee paid upfront beats a 4.5% fee-free deal by only about £190 over two years, once payments, the fee and the balance left are counted. On £100,000, the fee-free deal comes out ahead. Enter both as offers to find your own break-even point.
Should I pay the arrangement fee upfront or add it to the loan?
Adding it saves cash now but costs interest, and you mostly still owe it when the deal ends. Add a £999 fee to a £200,000 loan at 4.2% and about £950 of it is still owed after two years. If you plan to switch again then, paying upfront is usually cheaper.
Is it worth leaving my fixed deal early to remortgage?
Usually only if the saving clearly beats the early repayment charge. Charges are often 1% to 5% of the balance, so 3% on £200,000 is £6,000. Enter it as a common exit cost and check whether any offer still beats staying put before your deal ends.
How early can I lock in a new deal?
Often up to six months before your current deal ends for a remortgage, and around three to six months for a product transfer. Locking in early protects you if rates rise. If rates fall before completion, you can often switch to a cheaper deal, though you may lose any fees already paid.
Should I keep my remaining term or reset it to 25 years?
Resetting lowers the payment but adds interest. With £180,000 left and 22 years to go at 4.5%, the payment is about £1,075 a month. Stretching it back to 25 years cuts that to about £1,000 but adds roughly £16,300 in interest. Use the same term across offers for a fair comparison.
Why does a fee-free offer still show costs?
Common exit costs, such as an early repayment charge or your current lender’s exit fee, apply whichever offer you choose, so they appear in every scenario. Fee-free only means the new lender charges no product fee.
Your home may be repossessed if you do not keep up repayments on your mortgage.