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.

Home Mortgage Calculators Calculating The Difference In Your Mortgage
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 18, 2024

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

This calculator can help you estimate how much your mortgage rate is likely to increase or decrease following the latest change in the Bank of England's base rates.

Enter the amount of your outstanding mortgage loan here
Enter the outstanding term of your loan
Enter the rate you’re currently paying
Enter the new interest rate here

Your Results:

We estimate your current monthly repayments are

At this rate, your payments could change by…

monthly change
monthly total

Speak to an experienced broker to help find you the best mortgage solution for your current circumstances.

Get Started

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!

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.

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.


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.

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!

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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