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Refinance Calculator
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Refinance Calculator
Compare refinance or UK remortgage scenarios after fees — planning only, not advice.
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Refinance Calculator — Remortgage Savings Estimate
Compare refinance or UK remortgage scenarios and estimated savings. Free online refinance calculator from Calculator Direct — not advice.
Compare your current loan or mortgage with a potential refinance deal — including UK remortgage scenarios — and estimate whether a lower rate or new term could reduce monthly payments or total interest. This free online refinance calculator from Calculator Direct is for planning and education only. It is not financial advice, a lender illustration, or a product recommendation.
In the US and many markets people say refinance; in the UK the everyday word for switching a residential mortgage to a new deal is remortgage. This single page covers both wordings on one URL. There is no separate /remortgage slug in v1.
What refinance and remortgage mean here
Refinance / remortgage on this page means replacing (or product-transferring) an existing amortising loan with a new rate and/or term, after allowing for fees and any early repayment charge (ERC).
Break-even months estimate how long fee savings need to run before upfront costs are recovered. Always stress-test with a slightly higher new rate or higher fees.
How to use this calculator
- Enter your current balance, current interest rate, and remaining term.
- Enter the new rate, new term, and any upfront fees to switch.
- Optionally add an early repayment charge (ERC) on the current deal.
- Review current vs new monthly payment, estimated monthly saving, and break-even months.
- Stress-test with a slightly higher new rate or higher fees.
Worked example: remortgage £200,000 remaining at 5.5% to 4.2%
If 20 years remain at 5.5%, the current monthly payment is higher than the same balance at 4.2% over 20 years. After £2,000 fees, break-even is the months of payment saving needed to recover those costs.
Figures are illustrative only — product fees, ERC, and lender underwriting can change the outcome.
Frequently asked questions
Is remortgage the same as refinance?
For this calculator, yes in substance: both compare an existing deal with a potential new rate/term after fees. Remortgage is the common UK label for residential mortgages.
Should I include early repayment charges?
Yes if your current deal still has an ERC or exit fee. Ignoring ERC can make a switch look cheaper than it is.
Is this advice to remortgage?
No. Calculator Direct provides planning tools only. Speak to a qualified mortgage adviser or lender before switching products.