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Calculating The Difference In Your Mortgage
Want to find out how your mortgage repayments could differ on a new interest rate? Use our calculator below to find out.
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Author: Pete Mugleston - Mortgage Advisor, MD
In this article you can use our mortgage difference calculator to see how a change in interest rates could alter your monthly mortgage repayments and find out how a broker can help you find a repayment solution that best fits your current circumstances.
Mortgage Difference Calculator
Our mortgage difference calculator will show you how much your monthly repayments could change with a different interest rate to what you have currently. Enter your outstanding mortgage amount, remaining term, both current and new interest rate. Our calculator will then do the rest.
We estimate your current monthly repayments are
At this rate, your payments could change by…
Speak to an experienced broker to help find you the best mortgage solution for your current circumstances.
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How to compare different mortgage rates
Whether your existing mortgage deal is coming to an end soon and you want to consider all your remortgage options or you’re moving house, it’s important to compare the effect different mortgage interest rates could have on your monthly outgoings.
Using our mortgage difference calculator above is a great starting point as it will give you an initial snapshot of how things could change, particularly if interest rates continue to rise for the foreseeable future.
Once you’ve used the calculator, the smart next step would be to seek the help of an experienced mortgage broker. They’ll be able to go into more detail about the cheapest mortgage deals available, comparing variable rates versus fixed-rate mortgage options to see which best suits your circumstances.
How this calculator works
Our mortgage difference calculator is very simple and straightforward to use. All you need to do is input:
- Your loan amount (this can be for either a new mortgage or existing balance if you’re remortgaging)
- Loan term (input your remaining term if for remortgaging purposes)
- Current interest rate and new interest rate
And that’s it! The calculator will then illustrate what this difference could mean in terms of both a monthly increase and overall mortgage payments.
If you’re unsure what your new interest rate could be you can re-input as many times as you like, selecting different rates so you can see a range of scenarios and potential outcomes.
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What you should do next
If you’re concerned about how much your mortgage repayments could increase whilst interest rates continue to rise – don’t panic!
The mortgage brokers we work with have experience helping people in exactly the same situation as you every day. They’ll be able to present to you with a range of different options to consider, based on your specific situation and type of mortgage you have currently.
So, get in touch or give us a call on 0808 189 2301 and we’ll arrange for a specialist advisor to contact you straight away.
FAQs
This all depends on your personal preference and circumstances. At the time of writing (March 2023) most 2-year options are actually more expensive than 5-years. This is likely down to most mortgage lenders expecting rates to eventually come back down during this period.
So, a 5-year option would likely represent cheaper repayments but over a longer term, which means it may work out more expensive overall. Speak to your mortgage broker and they will be able to provide advice on which option may suit you best, based on your required needs.
Speak to an expert
Calculators are great, but they don't tell you everything you need to know. If you'd prefer an expert advisor to help, fill this out!