Cashback Remortgages · Mortgage calculations
Interest Rate Change Calculator
When a fixed rate ends or you compare a new deal, the payment change matters as much as the headline rate. Enter your balance, current rate, a rate to compare and the remaining term to see the monthly and annual difference on a repayment basis.
Your rate-change illustration
- Monthly payment now
- £1,461.48
- Monthly payment at new rate
- £1,389.58
- Monthly change
- -£71.89
- Change over 12 months
- -£862.73
Repayment mortgage with a constant rate and monthly payments in arrears. Figures compare the same balance and remaining term at two rates and exclude fees, daily-interest differences and any early repayment charge. This is not mortgage advice, an affordability decision or an offer.
When this helps
Use it before a fixed period ends to test how your budget copes if you move onto a higher rate, or to compare a remortgage rate against your current one. It keeps the same balance and term so the comparison is like-for-like.
The figures assume a constant rate and monthly payments in arrears. They exclude fees and any early repayment charge, so combine them with a full cost comparison rather than choosing on the payment alone.
Plan for payments rising as well as falling
A lower rate reduces the payment, but a lender's reversion (standard variable) rate can be considerably higher than an initial deal. Testing a higher rate shows whether you would still be comfortable, which is a more resilient way to plan.
This is a scenario tool, not a forecast of future rates. Ask an adviser about products actually available for your circumstances before making a decision.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.