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 Site Features: Calculators

Repayment calculator


This calculator can be used to help you assess whether it is worth switching from one mortgage scheme to another. If you choose to remortgage, your existing lender may charge a redemption fee, there may be a charge from your new lender and you will also have to pay legal and administrative costs. These costs are called the switching costs. To measure whether it is worthwhile remortgaging, the NPV (Net Present Value) of any improved cash flow from the switch is compared with the switch costs.

It is only worthwhile switching from an existing scheme to a new one if the switch costs are low enough. This means that the new scheme must produce enough savings over the expected life of the new mortgage to cover the switching costs. This calculator measures the NPV (Net Present Value) of any improved cash flows resulting from the switch. A switch is only worthwhile if the actual total switch costs work out less than the NPV figure calculated. A negative figure implies that a switch is only worthwhile if there is a cashback of at least that figure paid out from the new scheme.

Current scheme

 

Current loan outstanding

Anticipated switch costs

Remaining months to the end of the term

Rests per annum

Current interest rate

Months before change of rate

Subsequent interest rate

 

 

New scheme

 

Rests per annum

Interest rate on new scheme

Initial period

Subsequent interest rate

Expected life of mortgage scheme in months

(min 34 mths, max 332)

 

 

Break even switch costs

 

 

Interest only

Remortaging is worthwhile

Repayment

Remortaging is not worthwhile

Calculate

Calculations - interest only payments

Current scheme payments:

/ month

for months, then

per month thereafter

New scheme payments:

/ month

for months, then:

per month thereafter

Cashflow saving:

/ month

for months, then

for months


followed finally by -


for


months to end of the life

Total:


saving over a

month period

 

Calculations - capital repayment with rests as given

Current scheme payments:

/ month

for months

then per month thereafter

 

Current scheme outstanding loan capital:

after

months

finally:

after months


New scheme payments:

/ month

for months

then per month thereafter


New scheme outstanding loan capital:

after

months

finally:

after months

Overall: capital saving


Cashflow saving:

/ month

for months

then for months

 

 

then for months

to the end of the life

Total: saving over

a month period

Please note: This calculator should be used for indicative purposes only and should not be taken as representing advice. Always get a full quotation from your lender or other professional adviser before purchasing a remortgage product.

 
     
     
 

 Site Features: Calculators

Simple rent converter

Work out weekly and monthly totals for any number of people sharing.

Buy or rent

Calculate whether you're better off to buy or rent, given a variety of costs, returns and other factors.

Repayment calculator

Calculate your monthly mortgage repayments over a set term or the whole life of a mortgage.

Mortgage payment schedule

Get a tabular or visual idea of what your payments will be like during the term of your repayment mortgage.

Compare 2 mortgages

The APR for a mortgage rate might be quoted, but you can still compare 2 schemes using this calculator.

Remortgage costs

Even if a remortgage offers a cheaper deal, switching costs such as early redemption penalties can make it a financially unwise move.

Return on investment

Examine the Return On Investment generated by rental property and the effect that mortgage borrowing has on the returns enjoyed.

 
     
     
 

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Spotlight On

An international airport makes Sal one of the major gateways to the Cape Verde islands; plus the abundance of magnificent white sand beaches and guaranteed sun has turned Sal into a major tourist destination. The island of Sal is the most developed of the Cape Verde islands in terms of tourism and carries the lowest risk. A third of visitors already come here for water sports. Scuba Diving is fast becoming a big attraction because of the oceans prolific sea life. Sal also has a world- class break at Ponte Preta. Inland Sal looks and feels like the Sahara desert. Sal is incredibly barren and flat, but this lunar landscape could be a potential goldmine.

Bargain Basement

When it comes to bargains, there's not much better than renovation projects to reduce demand and therefore offer up some interesting opportunities. At the low-to-middle sector of the UK renovation market, these properties all offer potential for capital growth...

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One’s first impression of Santa Maria is likening to happening upon a beach fringed wild west town painted in pastel. Pretty single storey houses washed in pink, pale blue, yellow and faded terracotta. Poke your head through a doorway and your more than likely to find a bar, gift shop or store. Holidays in Santa Maria instantly melt away the stresses of everyday life. Indeed, there's a local saying here that goes 'Cape Verde – no stress'. Surrounded by a striking moon-like landscape, this charming resort oozes colourful character. A charismatic blend of bright Portuguese-style houses, bustling market stalls and aromatic restaurants, Santa Maria holidays have everything you need to hand. From the minute you set eyes on this delightful town, its mismatched charm weaves its magic spell.

Hot New Homes

2 Bedroom Apartment. Sandling Park has excellent road and rail links with the M20 less than a mile away (which connnects to the M26/M25) providing good access to both Gatwick and Heathrow airports. The channel tunnel is easily accessible from the M20 at Junction 11.

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