Mortgage Rate Reset Calculator
This mortgage rate reset calculator shows what happens when your fixed-rate period ends and the loan is renewed at a new rate. With your remaining balance, the new rate and your current payment it calculates the time to payoff, the payment needed for a target term and the extra cost against the old rate.
Source: Wikipedia – Amortization calculator (level payment formula). Updated: .
How it is calculated
When a fixed-rate period ends, a large part of the loan is usually still outstanding – with 2 % initial repayment about three quarters after ten years. That remaining balance has to be refinanced or renewed, and the new rate can be much higher or lower than in the first contract.
What the calculator shows
- With the same payment: how long it takes to be debt-free and the balance left after the new fixed period. If the payment does not cover the interest, the loan is never repaid.
- Payment for the target term: the level payment that repays the balance at the new rate in the time you want – and how it differs from the payment at the old rate.
- Interest cost: what the next years cost in interest compared with the old rate.
- Rate scenarios: the same calculation for a rate one point lower and one, two and three points higher.
Plan early
Renewal terms can often be locked in a year or more before expiry, usually with a rate premium. If you cannot raise the payment, extend the term; extra repayments lower the balance, and the loan calculator shows both. To compare switching lenders, use the debt consolidation calculator; the original financing is covered by the mortgage calculator.
Frequently asked questions
What is a mortgage rate reset?
The point at which a fixed-rate period ends and the remaining balance is renewed or refinanced at a new rate. You can stay with your lender or move to another.
How high will the new payment be?
For the same term it depends on the new rate. If the rate rises from 2 to 4.5 %, the payment for the same balance and term grows noticeably. The calculator shows the difference in money.
What happens if the payment does not cover the interest?
Then the balance does not fall but grows. You need to raise the payment or agree a longer term with higher repayments, otherwise the loan is never paid off.
When should I arrange the renewal?
At the earliest when the fixed period ends, though many lenders allow locking a rate up to a year or more before. Compare several offers, because a rate difference works over many years.
How much interest can a higher rate cost?
Compare the interest cost line with the old rate. On a balance of 180,000, going from 2 to 4.5 % adds several thousand in interest per year at the start of the new period.
Sources and legal basis
As of: · Editorial policy
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