Stay vs Switch Calculator
Compare your current rate against a new one being offered, penalty included, to see if switching pays off.
What this comparison covers
This compares the payment difference between your current rate and a new rate over your remaining term, net of an estimated break penalty. Real penalties, especially interest rate differential (IRD) charges on fixed terms, vary significantly by lender and are usually higher than a simple three-month-interest estimate. Getting the exact penalty from your current lender is the only way to know the true number.
Common questions
Why would my real penalty be different from this estimate?+
Fixed-rate mortgages often use an IRD calculation tied to your lender’s posted rates, which can run well above three months’ interest. Variable mortgages are usually simpler, three months’ interest. Your lender can confirm the exact figure.
Does switching always mean changing lenders?+
No, sometimes a blend-and-extend or an internal renewal with the same lender achieves a similar result without a penalty at all. Worth comparing before deciding.
Switching might be worth it.
Renewal offers are rarely the best available. Let's compare properly.
