Lower-cost case
Follow-on rate 5.25%, fees £749, ERCs £1,125.
New deal lower cost
Full-term saving: £19,607. Break-even: 11 months.
Remortgage comparison calculator
Compare your current mortgage with a new deal.
Estimate monthly payment changes, total costs, break-even timing, and full-term saving after fees and early repayment charges.
Based on your assumptions
Modelled lower-cost route
Current mortgage on these inputs
Keeping the current mortgage has the lower modelled cost.
Educational estimate only, not a recommendation to remortgage. Eligibility, affordability reassessment, product availability, ERCs, fees, cashback, valuation, broker costs, moving plans, and lender criteria can change the outcome.
Adviser report
Printable scenario summary
Build a print-friendly pack with the figures entered, main results, assumptions, caveats, and next discussion points. Nothing is saved and no PDF is generated on the server.
Results
Remortgage snapshot
Full-term saving: £0
The new deal is £9,449 more expensive over the full modelled term, so there is no full-term saving. Temporary break-even point: 1 years 3 months. The new deal recovers its upfront switching costs at this point, but later modelled costs make it more expensive over the full term.
- Current payment
- £1,470
- During the current modelled period.
- New payment
- £1,296
- 4.35% for 2 years.
- New payment lower
- £174
- The new deal payment is lower than the current mortgage payment during the fixed-rate period.
- New deal more expensive overall
- £9,449
- The lower monthly payment does not last long enough to beat later modelled costs and switching charges.
Inputs
Current mortgage and new deal
Planning context
These optional prompts help interpret break-even timing against your product end date, possible moving plans, portability needs, and lender affordability checks.
Affordability reassessment reminder: a new lender, product transfer, borrowing change, or term change may involve income, spending, credit, and property checks. Confirm this before relying on the payment comparison.
Results
Monthly and total cost comparison
Full-term saving
£0
The new deal is £9,449 more expensive over the full modelled term, so there is no full-term saving.
Temporary break-even point: 1 years 3 months. The new deal recovers its upfront switching costs at this point, but later modelled costs make it more expensive over the full term.
Current payment
£1,470
New payment
£1,296
New payment lower
£174
The new deal payment is lower than the current mortgage payment during the fixed-rate period.
New deal more expensive overall
£9,449
The lower monthly payment does not last long enough to beat later modelled costs and switching charges.
Result interpretation
What your remortgage comparison may suggest
- What it means
- This separates the monthly payment change from the full-term cost. A new deal can lower the payment at first but still cost more over the full modelled term.
- Number that matters most
- Full-term saving matters if you expect to keep the route for the modelled period. Break-even timing matters most if you may switch, move, or review again sooner.
- Be careful about
- Eligibility, affordability reassessment, product availability, fees, ERCs, cashback, legal costs, valuation costs, portability, moving plans, follow-on rates, and future rate changes can all move the real comparison.
- Explore next
- You may want to test different follow-on rates, compare two new deals, speak to a broker or lender, and then carry the result into mortgage freedom planning.
Next planning step
Use the modelled route in your mortgage freedom plan.
If the full-term result, monthly payment change, and break-even timing still look useful after checking eligibility, fees, ERCs, and moving plans, carry the updated payment and rate into a final payoff plan. The dashboard is still useful as a secondary check for balance, LTV, and monthly payment impact.
Sensitivity range
Check whether the remortgage result survives cost changes.
These cases rerun the comparison with lower, base, and higher follow-on rate, fee, and ERC assumptions.
Base case
Follow-on rate 6.25%, fees £999, ERCs £1,500.
Current deal lower cost
Full-term saving: £0. Break-even: 1 years 3 months.
Higher-cost case
Follow-on rate 7.25%, fees £1,249, ERCs £1,875.
Current deal lower cost
Full-term saving: £0. Break-even: 1 years 6 months.
What would change this result?
- - A higher follow-on rate can make the post-fix part of the new deal more expensive.
- - Higher product fees or ERCs can delay the break-even point or remove the saving.
- - If you may move or switch again before break-even, the full-term saving may not be useful.
Assumptions
Remortgage comparison assumptions
Check these inputs before relying on the result.
- Mortgage balance
- £220,000
- The outstanding balance used for both scenarios.
- Remaining term
- 22 years
- Used to estimate the current and new repayment schedules.
- Current rate
- 5.75%
- The rate used if you keep the current mortgage.
- New rate and fix length
- 4.35% for 2 years
- The rate and fixed period used for the new deal scenario.
- Follow-on rate
- 6.25%
- Used after the new fixed period in the modelled comparison.
- Product fees and ERCs
- £999 + £1,500
- Included at the start of the new deal. Cashback, broker, valuation, and legal costs are not personalised.
- Product end date
- Not entered
- Used as planning context when comparing break-even timing and ERC risk.
- Move and portability prompts
- No move date / unknown
- Useful context if you may move before the new deal has paid back its fees or ERCs.
Last reviewed
12 June 2026
Interest method
Monthly interest is estimated from the annual rate unless a page states a different method. Lender figures can use daily interest, product-specific rules, and exact payment dates.
Educational scope
UK-focused calculator estimate. It explains trade-offs and does not make a personal recommendation.
How this is calculated
- The annual interest rate is converted into a monthly rate.
- Each month, interest is estimated on the current mortgage balance.
- The repayment first covers that month's interest. The rest reduces the balance.
- As the balance falls, less interest is charged and more of each payment goes towards the debt.
Main limitations
- The estimate uses the values entered on this page and does not check lender eligibility, affordability, credit history, product availability, or personal tax treatment.
- Fees, ERCs, insurance, valuation costs, legal costs, rate changes, and overpayment rules are included only where the calculator explicitly asks for them.
How switching costs are compared
- The current mortgage is projected using the current rate and remaining term.
- The new deal is projected using the new fixed rate, fix length, and follow-on rate.
- Fees and early repayment charges are added to the new deal costs at the start.
- The result compares monthly payments, cumulative costs, break-even timing, and total cost over the modelled period.
Results are estimates based on the assumptions shown here. They are not financial advice and can differ from lender figures because real products, fees, rate changes, overpayment rules, and repayment timing vary.
Learn the maths
Understand break-even timing before comparing deals.
Follow the tutorial to see how LTV, product fees, ERCs, follow-on rates, and cumulative costs shape a remortgage comparison.
Lower projected cost in this scenario
Keeping the current mortgage has the lower modelled cost.
The new deal does not recover its fees and charges within the modelled term. Treat this as a prompt to compare options, not a recommendation to stay put.
When to speak to a broker or lender
Confirm the parts this calculator cannot personalise.
Speak to your lender, broker, or a regulated mortgage adviser when the result depends on eligibility, affordability, product availability, moving plans, or lender-specific rules.
- You are unsure whether you meet lender eligibility or affordability checks.
- Product availability, fees, cashback, legal costs, or valuation costs may differ from the figures entered.
- An early repayment charge, porting rule, or product end date could affect the break-even point.
- You may move home, borrow more, repay a lump sum, or change term during the new deal.
- You need to compare a product transfer, full remortgage, porting option, or waiting until the current deal ends.
Cumulative cost chart
Staying put vs switching
The new deal line includes fees and ERCs at month zero.
Current mortgageNew deal
Detailed comparison
Current total cost
£388,196
New deal total cost
£397,644
Current interest
£168,196
New deal interest
£175,145
FAQ
Remortgage comparison questions
How do I compare a remortgage deal with my current mortgage?
Compare the monthly payment, switching costs, early repayment charge, remaining balance, and total cost over the period you expect to keep the new deal.
Should I include early repayment charges?
Yes. An early repayment charge can materially change whether a new deal pays off, so include any ERC quoted by your current lender before comparing savings.
What is the remortgage break-even point?
The break-even point is the month when the cumulative cost of the new deal becomes lower than staying on the current mortgage, after fees and ERCs are included.
Why does the follow-on rate matter?
If you model the full remaining term, the rate after the fixed period can have a large effect on total cost. Follow-on rates can change, so treat them as assumptions.
Is the lowest remortgage rate always cheapest?
No. A lower rate can be outweighed by product fees, legal costs, broker fees, valuation fees, ERCs, or a higher follow-on rate after the fix.
Recommended next steps
What to check next
A short follow-up can help put this estimate into context before you make a money decision.
Plan mortgage freedom
Once you have checked remortgage costs and rate trade-offs, bring the options together into a long-term plan for reducing the balance and reaching mortgage freedom.
Open next step
Return to the dashboard
Use the remortgage scenario as a dashboard input to review LTV, equity, monthly cash flow, and mortgage-free timing before making a decision.
Open next step
Important disclaimer
This calculator is educational only and is not mortgage advice. Results are estimates based on constant rates and the figures you enter. ERCs, product fees, broker fees, legal costs, valuations, cashback, incentives, eligibility, affordability reassessment, product availability, moving home plans, and future follow-on rates can change the real outcome.