How this mortgage rate change calculator works
This calculator estimates your current monthly mortgage payment using your remaining balance, current interest rate and remaining term. It then projects the balance likely to remain when your current fixed deal ends. Using your estimated next rate and the shorter remaining term, it calculates a new monthly payment so you can compare the difference.
What to enter
Enter your current mortgage balance, optional property value, your current interest rate, how long is left on the mortgage, and how long remains on your current fixed deal. Then enter an estimated rate for the next deal or follow-on rate.
Repayment vs interest-only
For repayment mortgages, the calculator assumes you keep paying down capital during the current deal, so the balance at the end of the deal should be lower. For interest-only mortgages, the balance is assumed to stay the same because the monthly payment usually covers interest only.
Important note
This is a planning estimate only. Actual lender products, product fees, standard variable rates, overpayments, payment dates and rate changes can all affect the real figures.