Fixed vs Variable Mortgage Calculator UK – Compare Costs

Choosing between a fixed-rate and variable-rate mortgage can affect both your monthly repayments and your financial flexibility. This free online fixed vs variable mortgage calculator for the UK compares estimated payments and total repayments using your loan amount, mortgage term, and the two interest rates you enter.

Enter your mortgage amount, repayment term, fixed interest rate, and variable interest rate. Select Compare Options to see the estimated monthly payment and total repayments for each option under the calculator’s assumptions.

Use the results to understand how the rates you enter affect borrowing costs. You can change the figures to compare different scenarios rather than relying on a single estimate.

With a fixed-rate mortgage, the interest rate usually remains unchanged for an agreed period, such as two, five, or ten years. Your required mortgage payment is generally more predictable during that period, which can make budgeting easier.

When the fixed-rate deal ends, you may need to choose another deal or move to your lender’s applicable follow-on rate. Early repayment charges or other product conditions may also apply, depending on your mortgage agreement.

A variable-rate mortgage has an interest rate that can change. Depending on the product, the rate may track the Bank of England base rate, follow a lender’s standard variable rate, or be set under other product terms.

If the rate rises, your payments may increase; if it falls, they may decrease. The effect depends on your mortgage balance, remaining term, lender’s rules, and the timing of rate changes. A variable-rate mortgage may offer flexibility, but its future cost is uncertain.

The lower rate entered into the calculator will generally produce a lower estimated repayment when the loan amount and term are the same. However, the lowest initial payment does not automatically mean the cheapest mortgage over time.

Your actual decision should account for product fees, introductory-rate periods, potential early repayment charges, and how variable rates could change. Compare available deals using our UK mortgage rate comparison tool.

Mortgage repayments are only one part of the cost of buying a property. Consider your deposit, legal fees, valuation costs, moving expenses, maintenance, and any applicable Stamp Duty Land Tax.

You can estimate your potential borrowing budget with our UK mortgage affordability calculator and explore possible purchase tax costs using the UK Stamp Duty calculator.

For another view of your expected repayments, try our UK mortgage calculator.