Early Repayment Charge Calculator
Is it worth paying an early repayment charge to leave your fixed rate early? This calculator compares staying on your current deal with paying the charge and switching to a lower rate now, using your own figures.
- Early repayment charge included
- Break-even point shown
- Figures only, no sales pitch
Side by side, over the next 24 months
Stay until your fix ends Lower cost
- Monthly payment
- £0
- Interest paid
- £0
- Early repayment charge
- £0
- New deal fees
- £0
- Total cost
- £0
Switch now Lower cost
- Monthly payment
- £0
- Interest paid
- £0
- Early repayment charge
- £0
- New deal fees
- £0
- Total cost
- £0
"Total cost" is the interest you'd pay over the months left on your fix, plus any one-off costs. It doesn't count the part of your payments that reduces your balance, because you'd repay that either way. It assumes your new rate stays the same for at least that long. Repayment mortgage. Illustrative only.
Before you decide
- Ask your lender for an exact redemption figure. It shows the early repayment charge in pounds.
- Check whether the new deal really has the fees you've entered, and whether any are refundable if it doesn't go ahead.
- Rates can change before your new deal is agreed, and the lender will need to check you can afford it.
- MoneyHelper notes that on a small balance, the savings from switching might be too low to make it worthwhile.
This calculator shows figures based on what you enter. It isn't a recommendation to switch or to stay. For a personal recommendation, speak to an FCA-authorised mortgage adviser.
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We'll send a copy of your figures and remind you 6, 3 and 1 month before your fixed rate ends.
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Early repayment charge: common questions
What is an early repayment charge?
It's a fee your lender may charge if you leave a fixed or discounted deal before it ends. MoneyHelper says that if you're not at the end of your fixed or discount rate term, you might have to pay one. The details are in your mortgage paperwork, and your lender can give you an exact figure.
Is it ever worth paying an early repayment charge?
Sometimes, on the figures. If a new deal's rate is low enough, the interest you'd save could be more than the charge and fees, but often it isn't. This calculator shows which costs less on the numbers you enter. It isn't a recommendation, and an FCA-authorised adviser can look at your whole situation.
What is the break-even point?
It's how many months it would take for the interest you'd save on the lower rate to cover the early repayment charge and fees. If the break-even point is later than the date your current fix ends, switching early costs more on these figures.
What about overpaying instead?
MoneyHelper says many fixed-rate deals let you overpay up to 10% a year without a fee. Overpaying within your allowance can reduce the interest you pay without leaving your deal. Check your mortgage terms for your exact limit. Our overpayment calculator shows what overpaying could save.
Does this include everything?
No. It's an illustration based on your own figures. It assumes a repayment mortgage and that the new rate stays the same for at least as long as your current fix has left. It doesn't include changes to your term, porting, or rate changes before a new deal is agreed.
Related tools and guides
Our calculators give illustrative figures based on what you enter. Mortgage Owl provides general educational information only, not regulated financial advice, and doesn't recommend particular mortgages, lenders or deals. Your home may be repossessed if you do not keep up repayments on your mortgage.
