Remortgaging Savings Calculator
Thinking of switching your mortgage? Use our calculator to see how much you could save by moving to a new deal with a lower interest rate. We'll help you compare monthly payments and see your net savings after fees.
Your Current & New Mortgage
Associated Fees
Your Potential Savings
Your potential monthly saving is
£107.95
| Description | Current Deal | New Deal |
|---|---|---|
| Monthly Payment | £1,319.91 | £1,211.96 |
| Interest Rate | 5.00% | 4.00% |
Total Gross Saving Over Term
£25,908.20
Total Fees (ERC + Arrangement)
-£2,999.00
Net Saving After Fees
£22,909.20
This calculation is an estimate and for illustrative purposes only. Your actual savings may vary.
Understanding Your Remortgage
Remortgaging can be a powerful way to reduce your monthly outgoings and save a significant amount of money over the long term. By switching to a mortgage with a lower interest rate, you decrease the amount of interest you pay each month, which means more of your payment goes towards paying off the principal loan balance.
However, it's crucial to consider the costs involved. Early Repayment Charges (ERCs) and arrangement fees for the new product can eat into your potential savings. This calculator is designed to give you a clear picture by subtracting these upfront costs from your gross savings, showing you the true net benefit of making the switch. Always check the terms of your current and prospective mortgage products carefully.
Read FCA Mortgage GuidanceFrequently Asked Questions
Frequently Asked Questions
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