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Mortgage interest calculator
See how a change to your interest rate might affect your monthly repayments with the mortgage interest calculator. Check the impact of an upcoming rate change or start planning for a switch.
See what could happen if your rate changes
To get started, you’ll need to enter some key details about your mortgage. These include:
- your remaining balance and term
- your current interest rate
- the mortgage type
- how much your rate is changing by.
You can find most of your current mortgage details on your most recent mortgage statement.
If you have a mortgage made up of part repayment and part interest only, you'll need work each one out separately.
Current mortgage balance
You can find your mortgage balance in your most recent annual mortgage statement.
You'll need to take into account any payments made on your mortgage since the date of the statement. If you've fallen behind with your payments on any part of your mortgage that is a repayment mortgage, you'll need to take off the amount of arrears from the current balance.
Important: If you have a mortgage made up of part repayment and part interest only, you'll need to do a separate calculation for each.
Remaining term
The length of time you have left to pay back your mortgage.
You can find your remaining term details in your most recent annual mortgage statement.
Important: Please check the remaining term on your main account and each sub account.
Current interest rate
This is the interest rate for your sub account on the date shown.
You can find your interest rate details in your most recent annual mortgage statement.
Important: Please check the interest rate on your main account and each sub account.
Interest rate change
Use the + or - buttons to add and deduct amounts of 0.25%. Or just type in the rate change percentage you'd like to see illustrated.
Why use the mortgage interest calculator?
You might want to use the mortgage interest rate calculator if:
- there's been a rise or fall in the Bank of England base rate, which has changed your variable mortgage rate
- your fixed rate deal is ending and you’re moving to a standard variable rate (SVR)
- you’re wanting to switch to a new mortgage deal with a new interest rate.
Even a small rate change can affect your monthly budget and the total cost of your mortgage over time.
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