This Invezz remortgage calculator calculates monthly payments on your home, so you can determine if it makes sense to end your current mortgage and start a new one. Read on to see how our remortgage calculator works.
How to use our remortgage calculator
To calculate the cost of remortgaging your home, follow these steps:
- Enter in the amount you owe on your current mortgage.
- Enter in the interest rate you’re paying on your current mortgage.
- Enter in how many years you want the term of your remortgage to last.
- Enter in the interest rate you expect to pay for your remortgage loan.
- Click calculate to see the cost of your new monthly payment, and how much you’ll save by remortgaging.
How the remortgage calculator works
Our remortgage calculator tabulates how much you stand to save if you remortgage your home. It does so by accounting for the amount of money you owe on your current mortgage and the rate you’re currently paying, vs. what your lower remortgage rate would be.
Why should I use it?
Interest rates can and do change frequently. That’s why it’s important to keep tabs on them. If rates fall significantly after you buy your home, remortgaging could enable you to save a lot of money in the years to come.
What is a remortgage?
A remortgage can refer either to an additional mortgage on a home, or a different one than the one you took out before. When interest rates go down, remortgaging your home can be an excellent strategy, since you’ll typically end up paying less per month than you did before if you can take out a loan at the new rate.