How it works
Four steps, and you can stop after any of them.
Most of the value is in the first two. The rest only matters if the numbers turn out to be interesting.
- 01
Enter your mortgage
What you originally borrowed, your rate, when it started, and the rate you've been offered. That's four numbers to get something useful.
We work out your current balance from those rather than asking for it, because most people don't have it to hand and the figure on a statement is often out of date by the time you look. Nothing here identifies you: no name, no address, no account number, no login.
- 02
See the scenario
We estimate what breaking would cost, what staying would cost, and the gap between them over the rest of your term.
Every assumption sits next to the result, because a number without its assumptions isn't much use. You'll see which penalty method applied and why, how much of any payment drop comes from the better rate versus simply borrowing for longer, and how much more you'd owe at the end. Nothing is hidden behind an email form.
- 03
Decide what happens next
Take the numbers to your own broker, call your lender, ask us to introduce you to a partner broker, or close the tab.
If a scenario looks worth exploring, the genuine next step is asking your lender for a payout statement. Only they can tell you the real penalty, and for a fixed mortgage it can differ from any estimate substantially. Speaking to one of our partners is optional, separate, and never a condition of anything.
- 04
Let us keep watching
If it doesn't work today, we can re-run your scenario as rates move and tell you if it reaches a saving you'd care about.
You choose the threshold. Below it, you hear nothing. Your mortgage figures are stored separately from your email address, and you can unsubscribe from any message with one click.
What the calculator can’t do
It can’t tell you your actual penalty. A variable mortgage usually uses three months of interest, which is fairly predictable. A fixed mortgage generally uses the greater of that and an interest rate differential, and the IRD depends on your lender’s posted rates and the exact wording of your contract. Our figure is an approximation and can be some distance from theirs.
It also can’t tell you whether you’ll qualify for the rate you typed in. That depends on your income, your credit, the property, and whether the mortgage is insured.
Treat a promising result as a reason to ask your lender for a payout statement, not as a substitute for one.
Where your numbers go
Nowhere, unless you ask. The calculator runs entirely in your browser. Close the tab without opting into anything and we hold nothing about you at all — there is no account to delete and no record to request.
If you do ask us to watch your scenario, the mortgage figures and your email address go into separate tables joined by an identifier, so the numbers and the person aren’t stored together. That’s described in full in our privacy policy.