Remortgage calculators help estimate your new monthly payments and potential savings when you refinance your existing mortgage. They typically require details like current loan balance, current interest rate, remaining term, desired new loan term, and expected new rate. They can also show differences between staying on your current SVR, moving to a fixed rate, or switching lender options. Key factors to consider
- Current loan terms: outstanding balance, current rate, remaining years.
- New terms you’re considering: new loan amount (often your existing balance plus closing costs), new rate type (fixed, variable), and new term length (e.g., 15, 20, 25, 30 years).
- Costs of remortgaging: arrangement fees, valuation fees, legal fees, and potential early repayment charges on your existing deal.
- Potential monthly impact: monthly payment changes, plus short-term and long-term payment totals, and break-even point for when switching becomes worthwhile.
- Total cost of switching: include all fees and compare against projected savings from a lower rate or more favorable term.
What to prepare before using a remortgage calculator
- Your current outstanding balance and monthly payment.
- The current mortgage rate and remaining term on your existing deal.
- The desired new loan amount (often the same as your balance plus closing costs).
- The type of new deal you’re considering (fixed vs variable) and the term length.
- Any additional costs you expect to incur with the remortgage.
How to interpret results
- Monthly payment comparison: how your new payment compares to the current one.
- Break-even analysis: how long it takes for the monthly savings to cover the upfront costs.
- Total interest over the life of the loan: a key measure of long-term cost.
- Impact on equity and repayment schedule: check if the new plan accelerates payoff or extends it beyond your goal.
If you’d like, provide your rough figures (current balance, current rate, remaining years, preferred new rate/term, estimated fees), and I can walk you through a manual calculation to estimate monthly payments and break-even time, and discuss likely scenarios.
