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Remortgage Calculator

Are you considering switching to a new mortgage deal? Our Remortgage Calculator helps you compare your current mortgage payments with potential new payments, giving you a clear picture of how much you could save—or whether you’ll pay more.  

Whether you’re assessing a single buy-to-let property or comparing options for let-to-buy arrangements, our suite of calculators has you covered.

With this tool, you can

  • Compare your existing mortgage with a new offer.
  • See monthly payment differences.
  • Determine if remortgaging is the right choice for your financial goals.

    • Remortgage Calculator

    Use the calculator below to input details about your current and new mortgage to see the results instantly.
    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

    How Does the Remortgage Calculator Work?

    This calculator compares your current mortgage against a new mortgage offer by considering:

    • 1. Loan Amount: The total amount of the mortgage.
    • 2. Interest Rate: Your annual interest rate for both the current and new mortgage.
    • 3. Loan Term: The remaining years and months on your mortgage.
    • 4. 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.

    Why Use a Remortgage Calculator?

    • 1. Understand Savings Opportunities
      See exactly how much you could save each month by switching to a better mortgage deal with a lower interest rate.
    • 2. Plan for Financial Changes
      If a new mortgage deal results in higher payments, the calculator helps you plan for those adjustments.
    • 3. Make Informed Decisions
      Get a clear, side-by-side comparison of your options, helping you decide if remortgaging is the right move.

    Example Scenarios

    1: Lower Interest Rate on New Mortgage  

    2: Higher Loan Amount for Home Improvements  

    • 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)

    2: 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)

    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

    Frequently Asked Questions

    Q 1. What is remortgaging?
    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.
    • Auction Finance specialises in structured financing solutions for property auctions. Our expert team prioritises a client-focused approach, offering competitive rates and flexible options for quick and efficient funding. Whether you're bidding on residential, commercial, or land, we are committed to supporting your auction success.

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    • THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
    • YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
    • We are a credit broker not a lender.
    • The FCA does not regulate most Buy to Let mortgages.
    • Authorised and regulated by the Financial Conduct Authority FCA reg. 994617.
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    • We always aim to provide a high-quality service to our customers. However, if you encounter any problems and we are unable to resolve them, you can take your complaint to an independent ombudsman. Our advice is covered under the Financial Ombudsman Service.

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