Remortgage Calculator

Compare current vs new mortgage rate. See monthly savings, break-even and total cost including fees.

Last updated: April 2026 · Source: FCA — Mortgages overview

£
£
£

Current Monthly

£1,375.77

New Monthly

£1,233.14

Monthly Saving

£142.63

Break-Even

11 months

Remortgage Costs

£1,499.00

Total Saving (over term)

£32,732.95

Disclaimer

This calculator is provided for informational purposes only and should not be considered as financial or tax advice. All calculations are performed locally in your browser — no personal data is collected or sent to our servers. Rates and thresholds are sourced from HMRC and GOV.UK and are updated for the current tax year. Always verify results with HMRC or consult a qualified professional before making financial decisions.

How It Works

Remortgaging means replacing your current mortgage with a new deal, either with your existing lender (a product transfer) or a new lender. The most common reason to remortgage is when a fixed-rate period ends and the mortgage reverts to the lender's Standard Variable Rate (SVR), which is typically 1-3% higher than available fixed rates.

When comparing deals, you need to factor in the total cost including arrangement fees (£500-£2,000), valuation fees, legal fees and any early repayment charge (ERC) on your current mortgage. A lower interest rate does not always mean a cheaper deal once fees are included. The calculator compares the total cost over the new fixed period.

This calculator compares your current mortgage cost (remaining term at current rate) with a remortgage option. It shows the monthly saving, total saving over the new deal period, the break-even point where savings exceed fees and whether it is worth paying an ERC to switch early.

Example: £180,000 balance, 5.5% SVR to 4.2% fixed

  1. Current payment (5.5%, 20 years): £1,237/month
  2. New payment (4.2%, 20 years): £1,115/month
  3. Monthly saving: £122
  4. Remortgage fees: £1,500 (arrangement + legal)
  5. Break-even: £1,500 ÷ £122 = 12.3 months — saving £1,422 over 2-year fix

Source: FCA — Mortgages overview

Frequently Asked Questions

What does the Remortgage Calculator do?
Compare current vs new mortgage rate. See monthly savings, break-even and total cost including fees. All calculations are performed in your browser using official UK rates and thresholds.
Is this based on current interest rates?
You can enter any interest rate to model different scenarios. Check the Bank of England base rate and current mortgage deals from lenders for the latest rates.
Should I get professional advice?
This calculator provides estimates for guidance only. For a formal mortgage offer, speak to a mortgage broker or lender who can assess your full circumstances and provide personalised advice.