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Whether your fixed-rate is ending or you want to release some equity from your home, it pays to know the numbers before you speak to a lender. Our free remortgage calculator shows you what your new monthly repayments could look like in under a minute.
Add any extra borrowing you need and the calculator works out your new loan-to-value (LTV) too. That's one of the biggest factors in the rates you'll be offered.
How this is calculated
Your new loan: We add any additional borrowing to your remaining balance to find the total you'd be borrowing
Loan-to-value: We divide your new loan by your property value. The lower your LTV, the more lenders and the better rates you're likely to see. Most high street lenders cap remortgages at 90% LTV, with a few going to 95%
Repayment mortgages: We use the standard mortgage formula, so both the interest and the amount you borrowed are cleared by the end of your term
Interest-only mortgages: We work out the monthly interest only. You'd still owe the full loan at the end of the term, so lenders will want to see a credible plan to pay it off
Warnings: If your balance is higher than your property value, or your new LTV is above 90%, the calculator will flag it. You may need a specialist lender
Calculations all done?
How to use our remortgage calculator
Have your latest mortgage statement to hand, then:
- Enter your property value: an online valuation or recent sold prices nearby will give you a fair estimate
- Add your remaining balance: this is on your statement or in your lender's app
- Add any extra borrowing: leave this blank if you're simply switching to a new rate
- Choose your term and rate: try a few rates to see how much a small change could cost or save you
- Pick your repayment type: compare repayment and interest-only side by side
What the calculator can tell you
- How much your monthly repayments could be on a new deal
- Your loan-to-value after any extra borrowing
- Whether you're likely to need a specialist lender
- How much difference a lower rate, longer term or interest-only could make
You can find out more about the remortgage process, how to qualify, and what your options are, in our full guide on remortgaging your home
Example calculations
The examples below are illustrative only. Rates are for demonstration, not offers.
Example 1: Switching off your lender's standard variable rate
Sarah's two-year fix has ended. She owes £200,000 with 20 years left, and her lender has moved her onto its standard variable rate (SVR) of 7%. She finds a new deal at 5.25%.
Factor | Result |
|---|---|
Monthly payment on 7% SVR | £1,550.60 |
Monthly payment at 5.25% | £1,347.69 |
Monthly saving | £202.91 |
Time to recover a £999 arrangement fee | Under five months |
Example 2: Releasing equity for an extension
Tom and Priya's home is worth £350,000 and they owe £180,000. They want to borrow an extra £40,000 for an extension, over 22 years at 5.25%.
Factor | Result |
|---|---|
LTV before | 51.4% |
New loan | £220,000 |
LTV after | 62.9% |
Monthly repayment before | £1,151.07 |
Monthly repayment after | £1,406.86 |
Extra each month | £255.79 |
At under 65% LTV, they'd still have access to some of the most competitive rates.
Example 3: How your property value affects how much you could borrow
Based on a £180,000 remaining balance. Figures show the extra you could raise before hitting each LTV limit.
Property value | Current LTV | Extra at 75% LTV | Extra at 85% LTV | Extra at 90% LTV |
|---|---|---|---|---|
£225,000 | 80.0% | – | £11,250 | £22,500 |
£250,000 | 72.0% | £7,500 | £32,500 | £45,000 |
£275,000 | 65.5% | £26,250 | £53,750 | £67,500 |
£300,000 | 60.0% | £45,000 | £75,000 | £90,000 |
£350,000 | 51.4% | £82,500 | £117,500 | £135,000 |
£400,000 | 45.0% | £120,000 | £160,000 | £180,000 |
Lenders will still check your income and outgoings, so the LTV limit isn't the only cap on what you can borrow.
Example 4: How interest rates change your repayments
A £275,000 repayment mortgage over 25 years.
Interest rate | Monthly repayment | Total interest over 25 years |
|---|---|---|
4.5% | £1,528.54 | £183,562 |
5.0% | £1,607.62 | £207,287 |
5.5% | £1,688.74 | £231,622 |
6.0% | £1,771.83 | £256,549 |
6.5% | £1,856.82 | £282,046 |
7.0% | £1,943.64 | £308,093 |
Each half a percentage point adds roughly £80 a month and over £23,000 in interest across the term.
Example 5: Repayment vs interest-only
At 5.25% over 25 years.
Loan | Repayment | Interest-only | Monthly difference |
|---|---|---|---|
£150,000 | £898.87 | £656.25 | £242.62 |
£200,000 | £1,198.50 | £875.00 | £323.50 |
£250,000 | £1,498.12 | £1,093.75 | £404.37 |
£300,000 | £1,797.74 | £1,312.50 | £485.24 |
£400,000 | £2,396.99 | £1,750.00 | £646.99 |
£500,000 | £2,996.24 | £2,187.50 | £808.74 |
Interest-only is cheaper each month, but you'll still owe the full loan at the end. Lenders usually want a minimum equity level and a clear repayment plan, such as investments or selling the property.
How accurate is the calculator?
The calculator is a great starting point, but lenders look at much more than LTV, including:
- Your income and regular outgoings
- Your credit history
- The type and condition of your property
- Why you're borrowing extra
- Your age at the end of the term
Treat your results as an estimate, not a guarantee. An adviser can tell you what's realistic before you apply.
Is it worth remortgaging? Our expert weighs in:
For most homeowners coming to the end of an incentive period, switching is a no-brainer. If you do nothing, your lender will automatically roll you onto their Standard Variable Rate (SVR). That is almost always significantly more expensive than locking in a fresh fixed or tracker deal, and it’s the easiest way to bleed money unnecessarily.
That said, be sure to consider arrangement fees, ERCs and legal costs, as well as any exit fees on your current deal. And be careful with adding fees onto the loan. It saves you handing over cash upfront, but you’ll end up paying interest on that fee for the rest of your mortgage term."
Lee Trett Why choose Echo Finance?
Whether you're looking to increase your borrowing, or are simpley looking for the absolute cheapest remortgage option, our expert brokers are here to help. At Echo Finance, we have plenty of affordability specialists on the team who can help you with both of these things. They deal with both straigtforward and complex remortgages for homeowners and landlords every day. Here are just some of the reasons others have chose to remortgage with our help:
- Whole-of-market advice from experienced, FCA-authorised advisers
- Specialists in complex cases, including self-employed borrowers and bad credit
- Local advisers across the UK, by phone, video or in person
- Free initial consultation with no obligation
Ready to compare your options? Get started here for a free, no-obligation chat with one of our advisers.
FAQs
No. The calculator doesn't run a credit check or store your details, so you can use it as often as you like.
Find your local adviser
- Residential mortgages: Everything from fixed-rate to tracker mortgages for first-time buyers, homemovers and remortgage borrowers
- Specialist mortgages: For borrowers who fall outside of standard lending criteria, including people with bad credit, self-employed professionals and more
- Later-life lending: Including advice on equity release, mortgages for pensioners and retirement interest only (RIO) mortgages
- Bridging & Commercial: We have specialist advisors on hand for commercial mortgages, bridging loans, development finance and more
- Insurance & Protection: Including life, home and critical illness cover for families and individuals, as well as landlord and business protection insurance
Echo Finance is regulated by the Financial Conduct Authority and is reviewed annually by an independent compliance company. All of our brokers and advisers hold industry-standard qualifications, such as CeMAP, CeRER and DipMap, where required.
We are committed to providing advice through the channels that best suit your needs. Our brokers can provide advice via phone, email, video and web chat from anywhere in the UK, but we also aim to offer face-to-face appointments for those who request them.