Is the lower rate worth the switching cost?
Compare interest and every fee over the same time window. The result separates mortgage principal, which becomes equity, from the true cost of each route.
Free to useNo account neededYour figures stay in your browserSaved only when you choose
Saved setupsNothing is saved automatically
Lower true cost
Switch now · £6,401 less
Interest and fees over 2 years. Mortgage principal repaid is equity, so it is not counted as a cost.
Side by side
| Stay | Switch now | |
|---|---|---|
| Payment now | £1,273.31 | £1,185.67 |
| Highest modelled payment | £1,576.60 | £1,185.67 |
| Interest | £27,768 | £18,068 |
| Fees and ERC | £0 | £3,299 |
| True cost | £27,768 | £21,367 |
| Balance after comparison | £212,356 | £209,612 |
What this means
- Switch now costs less over this windowThe modelled difference is £6,401 after all fees entered.
- Fees need enough time to earn themselves backSwitching fees are equivalent to £137.46 for every comparison month.
- The product fee stays outside the loanPaying it upfront avoids adding that fee to the mortgage balance.
Rates are held at the values entered. Check the new deal's reversion rate, incentives and exact redemption statement. Not financial advice.
Method
How this calculation works
The stay route uses your current rate until the deal ends, then recalculates payments at the follow-on rate. The switch route uses the new rate from today. True cost is interest plus fees and ERCs; principal repaid is excluded because it reduces your debt.
Rates and assumptions
Every planning assumption is editable in the calculator.
Full Plainly methodology