Remortgage Calculator
Estimate your new monthly payments, total interest, and potential savings when switching your mortgage deal. Includes fees and term adjustments.
Calculate Your Remortgage Savings
Enter your current mortgage details and your proposed new deal to instantly see how much you could save over the remaining term.
Remortgage Comparison
Compare your current deal against a new potential mortgage.
How it Works
Understanding remortgage calculations
Current Cost Baseline
We calculate your current monthly payment and multiply it by the remaining months to find your total remaining cost.
Add Fees to Balance
If you choose to add arrangement or legal fees to your mortgage, they are added to your principal balance, meaning you will pay interest on them.
New Payment Calculation
Using the new balance, new interest rate, and new term, we calculate your proposed monthly payment using the standard amortisation formula.
Compare & Save
We subtract the new total cost from the current total cost to show your true long-term savings, helping you decide if the switch is worthwhile.
Typical Remortgage Costs
A general overview of common fees associated with switching your mortgage deal in the UK.
| Fee Type | Typical Cost Range | Can it be added to mortgage? |
|---|---|---|
| Arrangement / Product Fee | £0 – £2,000 | Yes (but interest will be charged on it) |
| Valuation Fee | £0 – £500 | Sometimes (often free with new deals) |
| Legal / Conveyancing Fees | £300 – £800 | Rarely (usually paid upfront) |
| Early Repayment Charge (ERC) | 1% – 5% of balance | No (must be paid upfront) |
| Exit / Admin Fee | £50 – £300 | No (charged by old lender on closure) |
Remortgaging FAQ
Answers to the most frequently asked questions about switching mortgage deals and calculating savings in the UK.
Remortgaging is the process of switching your existing mortgage to a new deal, either with your current lender (a product transfer) or with a completely new lender. People typically remortgage to secure a lower interest rate, release equity, or change the length of their mortgage term.
Yes. Remortgage deals often come with arrangement fees, valuation fees, or legal fees (typically ranging from £500 to £2,000). You can either pay these upfront or add them to your new mortgage balance. Adding them to the balance means you will pay interest on them, so it is crucial to factor them into your savings calculation.
Compare the total cost of your remaining mortgage (monthly payments × remaining months) with the total cost of the new mortgage (new monthly payments × new term + any added fees). If the new total cost is significantly lower, remortgaging is likely worth it. Also, check for any Early Repayment Charges (ERCs) on your current deal.
An Early Repayment Charge is a fee your current lender may charge if you pay off your mortgage or remortgage before your initial fixed or discounted rate period ends. This is usually a percentage of the outstanding balance (e.g., 1% to 5%) and should be factored into your remortgage calculations.