Monthly check-up
Your mortgage, checked once a month so you don’t have to
Most people look at their mortgage twice in five years: when they sign and when the renewal letter arrives. The check-up re-runs yours against current rates every month and sends you one short email. Most months it will say nothing needs attention, which is worth knowing too.
What’s in it
- Your renewal, priced ahead of time
- From 18 months out, what your payment would be at today's rates, so the renewal letter holds no surprises.
- Whether breaking early may be worth a look
- The penalty and the saving, re-run every month, because both change as rates move and your term runs down.
- Your equity
- If you give us an estimate of your home's value: how much you've built, and what a refinance or HELOC could reach.
- For variable rates, whether you're keeping up
- We replay prime since your term started to show how much of your payment is going to interest.
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A sample, with made-up figures
Sample check-up · estimate · September 28, 2026
Here's where your mortgage stands this month
- Balance today
- $583,244
- Rate
- 5.44% fixed
- Payment
- $3,884/mo
- Renews
- July 2027
- Home value (your estimate)
- $1,050,000
- Loan to value
- 56%
- Lender
- A monoline lender
- RenewalWorth a look this month
You renew in 10 months, in July 2027
At today's estimated five-year rate of 4.14%, your payment would be about $3,487 a month, down $397 from about $3,884 now. Most lenders send a renewal offer about four months out, and you can compare it with others.
- Balance at renewal
- $570,288
- Payment now
- $3,884/mo
- At that rate
- $3,487/mo
- Breaking early
Staying put looks cheaper than breaking right now
An estimated $7,844 penalty outweighs what a new rate of about 4.14% would save before your term ends. That can change as rates move and your term runs down.
- Estimated penalty
- $7,844
- Estimated cost of breaking
- $1,943
- Equity
You owe about 56% of your home's value
Using your estimate of $1,050,000, a refinance could free up as much as about $256,756 before costs. That's a regulatory ceiling, not an offer; what a lender approves depends on income, credit and an appraisal.
- Your equity
- $466,756
- Refinance room
- $256,756
- HELOC room
- $256,756
- Moving
Curious what selling could put toward your next home?
The moving-up calculator starts from your equity, takes off selling costs, a penalty or a port, and land transfer tax, and estimates the price range the rest could support.
Run a moving scenario
Estimates based on the information entered, using illustrative sample rates. The balance assumes payments as scheduled and no prepayments. Your lender’s figures will differ, and only they can give an exact balance or penalty.
For informational purposes only. MortgageSkip is not a lender, brokerage or financial advisor.
Start your check-up
Three numbers from your statement or renewal letter, and a few choices. The rest are optional, and each one says what it adds. Your first report is ready as soon as you sign up.