Remortgage Savings Calculator

Compare staying on your current rate with switching, after fees and any early repayment charge. The result updates as you type so you can compare scenarios quickly.

The method

How it is worked out

Saving = interest at current rate − interest at new rate − fees − early repayment charge, over the deal
ERC
Percentage of the balance charged for leaving a fixed deal early

Keep in mind

What it leaves out

  • Product transferYour own lender may offer a switch with no legal fees.
  • Term changesKeeping the same end date is assumed.

Use the calculator to compare scenarios rather than as a guaranteed forecast.

About the Remortgage Savings Calculator

See whether switching your mortgage saves money after fees and any early repayment charge, and when you break even.

How it works and an example to tryShow less

How to use the result

Payments at both rates are computed over the remaining term. Interest over the new deal period is compared; fees and the early repayment charge are subtracted; break-even divides one-off costs by the monthly saving.

Example to try

Switching £210,000 from 6.2% to 4.6% over a five-year deal saves about £16,400 of interest against £1,200 of fees: a net £15,200, breaking even in six months.

Put it to work

Try it on a real situation

Load an example

What moves the result most

    Worked out from your figures above. Tap a row to try it.

    Who uses it, and when

    Homeowners coming to the end of a fixed deal or sitting on a lender's standard variable rate.

    Mistakes worth avoiding

    • Adding fees to the loan and forgetting they then accrue interest.
    • Leaving a fixed deal with a large early repayment charge for a small rate cut.
    • Extending the term to lower the payment and calling it a saving.

    Questions

    What does the Remortgage Savings Calculator do?

    Compare staying on your current rate with switching, after fees and any early repayment charge.

    How should I use the result?

    Payments at both rates are computed over the remaining term. Interest over the new deal period is compared; fees and the early repayment charge are subtracted; break-even divides one-off costs by the monthly saving.

    Does TechBullion store the information I enter?

    The core calculation or transformation runs in your browser. Normal website security and analytics may still record page-level events, but the tool does not need to create a public record from your inputs.

    What mistakes do people make with a remortgage savings calculator?

    Adding fees to the loan and forgetting they then accrue interest. Leaving a fixed deal with a large early repayment charge for a small rate cut. Extending the term to lower the payment and calling it a saving.

    Is the result guaranteed?

    No. Use the result as a practical check or planning aid and verify important decisions with the relevant primary source, provider or professional advice.

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    Mortgages and home buying

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    Results are estimates based on the figures entered, for general information only, and not financial, investment, tax or legal advice. See our terms of use.