Compare the differences in monthly payments and total costs between two mortgages.
Trying to compare the full length of a mortgage (e.g. 25 years) would be unrealistic, because the interest rates would differ throughout the lifetime.
This tool works best by comparing two fixed rate mortgages over the same length of time.
Mortgage 1
Mortgage 2
Summary
Per month
Mortgage 1 will cost you £1,584 per month, while Mortgage 2 will cost you £1,754 per month.
Mortgage 1 is £170 cheaper per month.
For 5 years
The interest you will pay after 5 years for Mortgage 1 is £56,324, compared to £70,967 for Mortgage 2 after 5 years.
Mortgage 1 is £14,642 cheaper over 5 years.
Mortgage lifetime
Over the lifetime of Mortgage 1, you will pay £175,053 for interest, whereas for Mortgage 2 you will pay £226,131.
Mortgage 1 is £51,078 cheaper over the lifetime of the mortgage.
| Mortgage 1 | Mortgage 2 | Difference | |
|---|---|---|---|
| Monthly mortgage payment: | £1,584 | £1,754 | -£170 |
| Interest paid over 5 years: | £56,324 | £70,967 | -£14,642 |
| Total interest paid: | £175,053 | £226,131 | -£51,078 |
What happens if interest rates go up or down?
The tables below will show you how much your monthly mortgage payments will increase if the interest rate rises, or how much it will decrease if the rate decreases for both mortgages.
Mortgage 1
£300,000 over 25 years at 4%
| Interest rate change | Interest rate | Monthly mortgage payment | Change in monthly mortgage payments |
|---|---|---|---|
| -3% | 1% | £1,131 | -£453 |
| -2% | 2% | £1,272 | -£312 |
| -1% | 3% | £1,423 | -£161 |
| - | 4% | £1,584 | - |
| +1% | 5% | £1,754 | +£170 |
| +2% | 6% | £1,933 | +£349 |
| +3% | 7% | £2,120 | +£537 |
| +4% | 8% | £2,315 | +£732 |
| +5% | 9% | £2,518 | +£934 |
Mortgage 2
£300,000 over 25 years at 5%
| Interest rate change | Interest rate | Monthly mortgage payment | Change in monthly mortgage payments |
|---|---|---|---|
| -3% | 2% | £1,272 | -£482 |
| -2% | 3% | £1,423 | -£331 |
| -1% | 4% | £1,584 | -£170 |
| - | 5% | £1,754 | - |
| +1% | 6% | £1,933 | +£179 |
| +2% | 7% | £2,120 | +£367 |
| +3% | 8% | £2,315 | +£562 |
| +4% | 9% | £2,518 | +£764 |
| +5% | 10% | £2,726 | +£972 |
Chart
Note:
The calculations displayed in this chart are made under the assumption that the mortgage rates remain constant over 5 years. Whereas, in reality they are likely to change when you remortgage.
Find out how much your monthly mortgage repayments will be based on the property price, mortgage length and your deposit amount.
Mortgage Calculator