Calculator 05
Remortgage calculator
Switching only pays if the rate saving beats the fees. This nets everything off over the new deal period.
Current mortgage and new deal
£
£
yrs
%
%
yrs
£
£
Net saving over 5 years
£25,888
Break even after 3 months of payments
Monthly saving
£450
£1,698 → £1,248
Total costs to switch
£1,099
Side by side
Stay put — monthly£1,698
Switch — monthly£1,248
Payments over 5 yrs — stay£101,863
Payments over 5 yrs — switch£74,876
Gross saving£26,987
Less fees and ERC− £1,099
Net saving£25,888
Assumes the same remaining term on both deals and no further rate changes. A tracker or variable follow-on rate can move at any time, which changes the comparison.