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Mortgage Switching Calculator

Compare your mortgage with a new rate, including legal fees and cashback, and see what switching would save.

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The costs of switching lender

Years

More options· New loan length and cashback

Years to pay it off

€

From the new lender

Switching saves you

€10,125

Over 5 years, after €2,000 of costs

New monthly payment
€1,252 (now €1,390)
Costs earned back
After 10 months

What this means

The interest you save covers the €2,000 of costs after 10 months. That’s within the 5 years you’d keep the new deal.

Next step

Stay or switch, over 5 years

StaySwitch
Monthly payment€1,390€1,252
Interest€53,020€40,895
Costs, less cashback€0€2,000
Interest and costs€53,020€42,895
Still owed after 5 years€219,645€215,801

Before you switch

  • Some lenders pay cashback or a contribution to legal fees when you switch. Check whether it’s clawed back if you leave early.
  • Breaking a fixed rate early can mean a breakage fee. Variable-rate mortgages usually have none.
Assumptions in this estimate
  • Both rates stay the same for the whole period. The saving counts interest and costs only: paying the loan off faster isn’t a cost, as that money becomes your home equity.
  • Interest is worked out monthly.
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How the calculator works

  1. Your mortgage now: what you owe, the years left and your rate.
  2. The new mortgage: its rate, the legal and valuation fees, and how many years to compare over.
  3. Result: what you’d save in interest after fees, your new repayment, and when the fees are earned back.

Example

€250,000 left over 25 years, switching from 4.5% to 3.5% with €2,000 of fees:

Stay Switch
Monthly repayment €1,390 €1,252
Interest over 5 years €53,020 €40,895
Fees €0 €2,000
Saving after fees €10,125

The fees are earned back after 10 months.

Before you switch

  • Check for clawback: cashback may have to be paid back if you leave the new lender within a few years.
  • Compare rates at the same loan-to-value: lower LTV bands get better rates, so a valuation can help.
  • Keep your repayments the same after switching to clear the mortgage sooner.

Last updated

Frequently asked questions

Is switching my mortgage worth it?

Often, yes. On €250,000 at 4.5%, switching to 3.5% with €2,000 of legal and valuation fees saves about €10,000 over 5 years, and the fees are earned back in under a year.

How much does it cost to switch?

Mainly legal fees and a valuation, often around €2,000 in total. Some lenders contribute to legal fees or pay cashback to switchers, which can cover most of it.

Can I switch if I’m on a fixed rate?

Yes, but leaving a fixed rate early can mean a breakage fee. Switching when the fixed period ends, or from a variable rate, usually costs nothing extra.

Do I have to qualify again?

Yes. The new lender checks your income, spending and credit history, and the home is valued again.