Coming off a fixed rate? Compare your current monthly payment with a new deal, factor in the product and exit fees, and see your real saving - plus how many months it takes to break even on the cost of switching.
Your mortgage
£
years
%
%
£
Monthly saving
£335
Break-even in 4 months
Current monthly payment£1,611
New monthly payment£1,276
Monthly saving£335
Saving in year one£4,021
Switching costs£1,200
Net saving over remaining term£79,217
You’d save £335/month and recover your £1,200 switching costs in about 4 months. Check for any early repayment charge before committing.
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Why remortgaging is worth modelling
When a fixed or discounted deal ends you usually roll onto your lender's Standard Variable Rate (SVR), which is often far higher than the best available deals. Remortgaging to a new product can cut your monthly payment significantly - but product fees, valuation costs and any early repayment charge eat into the benefit, so the headline rate is not the whole story.
This calculator compares the monthly payment on your current rate against a new rate over the same remaining term, then nets off switching fees to show the genuine saving and the break-even point.
What to enter
Outstanding balance and remaining term.
Your current interest rate (or the SVR you are about to move onto).
The new rate you have been offered.
Total switching costs - product/arrangement fee, valuation, legals and any early repayment charge.
Worked example
Balance 200,000 over 20 years remaining.
Current SVR 7.5% gives 1,611/month. New 5-year fix at 4.6% gives 1,278/month.
Monthly saving about 333; that is about 3,996 over the first year.
Switching fees 1,200 gives break-even in roughly 4 months.
If you are still inside a fixed deal, check the early repayment charge (ERC) before switching - it is usually a percentage of the balance and can wipe out the saving. Many borrowers line up a new deal three to six months before their current one ends to lock a rate while avoiding the SVR.
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Frequently asked questions
Should I add the fee to the loan or pay it upfront?
Adding a product fee to the loan avoids an upfront cost but you pay interest on it for the whole term, so it usually costs more overall. The calculator treats fees as upfront for a clean break-even; if you add them to the balance, increase the new balance instead.
What is an early repayment charge?
An ERC is a penalty for leaving a fixed/discounted deal early, typically 1-5% of the outstanding balance. Always include it in switching costs if you are remortgaging before your current deal ends.
How soon before my deal ends should I remortgage?
Offers are usually valid for three to six months, so many people start the process around six months before their current rate expires to avoid dropping onto the SVR even for a single month.
Report a bug or ask a question about this calculator
Important: BrickCrunch provides general information and estimates only — this is not financial, tax, mortgage or legal advice. Calculations are simplified and your circumstances may differ. UK tax and rate figures are checked against gov.uk (21 June 2026 (2026/27 tax year)) but rates change and errors are possible. Always confirm figures with gov.uk or a qualified professional before making decisions.
