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Remortgage Calculator

Advanced Remortgage Calculator - Vanilla JS

Remortgage Calculator

Find out how much you could save by switching your mortgage deal

Current Mortgage

£
£50k £500k £1M
%
1% 8% 15%
Years
Months
Early Repayment Charges (ERC)
Do you have an ERC?

New Mortgage

£
£50k £500k £1M
%
1% 8% 15%
Years                   Months
£
£0 £2.5k £5k
Updates automatically as you move the sliders

Your Potential Savings

Monthly Payment Change
£0
Adjust the sliders to see your monthly payment difference
Annual Impact
£0
Your total yearly savings or additional cost
Total Cost Including ERC
£0
Total cost difference including all fees and charges
Current Mortgage New Mortgage
Monthly Payment - -
Total Interest - -
ERC Cost £0 -
Total Amount Paid - -
Interactive Remortgage Analysis
Use the sliders above to explore different scenarios and see real-time results

Why Use a Remortgage Calculator?

Understand Savings Opportunities

See exactly how much you could save each month by switching to a better mortgage deal with a lower interest rate.

Plan for Financial Changes

If a new mortgage deal results in higher payments, the calculator helps you plan for those adjustments.

Make Informed Decisions

Get a clear, side-by-side comparison of your options, helping you decide if remortgaging is the right move.

Example Scenarios

01

Lower Interest Rate on New Mortgage

  • Current Mortgage: £200,000 at 4% for 20 years
  • New Mortgage: £200,000 at 3% for 20 years
  • Current Monthly Payment: £1,211
  • New Monthly Payment: £1,109
  • Monthly Difference: -£102 (You’ll pay less)
02

Higher Loan Amount for Home Improvements

  • Current Mortgage: £150,000 at 2.5% for 15 years
  • New Mortgage: £180,000 at 3% for 15 years
  • Current Monthly Payment: £1,000
  • New Monthly Payment: £1,242
  • Monthly Difference: +£242 (You’ll pay more)

How Does the Remortgage Calculator Work?

This calculator compares your current mortgage against a new mortgage offer by considering:
  • Loan Amount: The total amount of the mortgage.
  • Interest Rate: Your annual interest rate for both the current and new mortgage.
  • Loan Term: The remaining years and months on your mortgage.
  • Monthly Payments:The monthly repayment amount for each mortgage.

The calculator then calculates the difference between the two monthly payments and provides an easy-to-understand result:

  • Negative Difference: You’ll pay less with the new mortgage.
  • Positive Difference: You’ll pay more with the new mortgage.
  • Zero Difference: Your payments will remain the same.

Benefits of Remortgaging

Save Money on Monthly Payments

Switching to a lower interest rate can significantly reduce your monthly payments

Release Equity

Use a remortgage to release funds for home improvements or other expenses.

Consolidate Debts

Combine multiple debts into one manageable monthly payment through remortgaging.

Lock in a Better Rate

Take advantage of market conditions to secure a fixed or lower rate

0208 143 7779

Frequently Asked Questions

Ans: Remortgaging is the process of switching your existing mortgage to a new one, either with your current lender or a new lender. This can help reduce payments, release equity, or fund home improvements.
Ans: Consider remortgaging when: Your current deal is ending. You want a lower interest rate. You need to borrow more (e.g., for home improvements).
Ans: No, the calculator focuses on monthly payments. Remember to factor in potential fees, such as arrangement or early repayment charges.
Ans: Not necessarily. It depends on factors like the new interest rate, loan amount, term, and associated fees.
Ans: Yes, but options may be limited, and you may face higher interest rates. Consult a broker for advice.