Choose your calculator
Use this calculator to compare two different mortgage options side by side. Enter your mortgage details below to see which option offers better value over time.
years
1 to 40 years
Mortgage type
%
Fees to take out the mortgage
%
Fees to take out mortgage
Compare over
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The Compare Two Mortgages Calculator helps you compare different mortgage options side by side. It allows you to see which mortgage offers better value over time by comparing monthly payments, total costs, and how your debt decreases over the years.
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Enter the total amount you're borrowing for your mortgage in pounds (£). This will be the same for both mortgage options you're comparing.
Enter the length of your mortgage in years. This is typically between 1 and 40 years and will be the same for both mortgage options.
Choose between a repayment mortgage (where you pay off both the capital and interest) or an interest-only mortgage (where you only pay the interest and the capital is paid off at the end of the term). Both mortgage options will use the same type.
Enter the interest rate for the first mortgage option as a percentage (%). If there are any fees associated with this mortgage, enter them as well.
Enter the interest rate for the second mortgage option as a percentage (%). If there are any fees associated with this mortgage, enter them as well.
Choose how many years you want to compare the mortgages over. This can be useful if you're planning to move or remortgage before the end of the full term.
Click the "Calculate" button to see the comparison results. The results will show:
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This shows the monthly payment amount for each mortgage option. Lower monthly payments might be preferable if you're concerned about affordability, but remember to consider the total cost as well.
This shows the total cost (interest and fees) for each mortgage over your selected comparison period. This is particularly useful if you're planning to move or remortgage before the end of the full term.
This shows the total cost (interest and fees) for each mortgage over the full term. This gives you the complete picture of how much each mortgage will cost you if you keep it for the entire term.
This bar chart visually compares the total cost of each mortgage over your selected comparison period. It helps you quickly see which option will cost you more during this timeframe.
This chart shows how your mortgage debt decreases over time for both options. For repayment mortgages, you'll see the debt gradually decrease to zero. For interest-only mortgages, the debt remains constant until the end of the term.
This table provides a year-by-year breakdown of your remaining mortgage debt for both options. It helps you understand how much of your mortgage you'll have paid off at different points in time.
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If you're planning to stay in your home for the full mortgage term, focus on the "Cost Over Full Term" figures. If you're likely to move or remortgage sooner, pay more attention to the "Cost Over Comparison Period" figures.
A mortgage with lower monthly payments might be more affordable in the short term, but could cost you more in the long run. Consider both factors based on your financial situation.
Don't forget to consider the impact of fees. A mortgage with a slightly higher interest rate but lower fees might be cheaper overall, especially if you're planning to remortgage after a few years.
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In order to create these results, we have made the following assumptions:
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