Moving to a new home is exciting, but it can also bring financial uncertainty. Whether you’re upgrading, downsizing, or relocating for work, one of the most important questions is: “How much will my new mortgage cost?”
The Moving House Mortgage Calculator helps you quickly estimate your new mortgage amount, monthly repayments, total payment, and total interest. This tool is designed to give you clarity before making a big financial commitment, so you can plan with confidence.
What Is the Moving House Mortgage Calculator?
This tool is a free online mortgage calculator designed specifically for people who are moving to a new property while already having an existing mortgage. It factors in:
- Your current mortgage balance
- The value of your new property
- Your available deposit
- Your chosen interest rate
- Your loan term in years
With these inputs, it calculates:
- New Mortgage Needed – the additional amount you’ll need to borrow
- Monthly Payment – your expected monthly repayment amount
- Total Payment – the overall repayment over the full term
- Total Interest – the total amount of interest you’ll pay over the term
How to Use the Moving House Mortgage Calculator
Using the tool is quick and easy. Here’s a step-by-step guide:
Step 1 – Enter Your Current Mortgage Balance
Type in how much you still owe on your existing mortgage. This helps determine how much more you’ll need to borrow for your new home.
Step 2 – Input the Value of Your New Property
Enter the purchase price of the home you plan to buy.
Step 3 – Add Your Available Deposit
Input the amount you can pay upfront toward the new property. This could be from savings, equity from selling your current home, or both.
Step 4 – Provide the Interest Rate
Enter the annual interest rate you expect to get for your new mortgage.
Step 5 – Set the Loan Term
Input the loan term (in years) you want for your new mortgage.
Step 6 – Click “Calculate”
The calculator will instantly show your new mortgage needed, monthly payment, total payment, and total interest.
Step 7 – Copy Your Results (Optional)
Use the “Copy” button to save your results for later or share them with a financial advisor.
Example Calculation
Let’s say you’re buying a new home and have the following details:
- Current Mortgage Balance: $120,000
- New Property Value: $350,000
- Deposit Available: $80,000
- Interest Rate: 4%
- Loan Term: 25 years
Calculation:
- New Mortgage Needed
New Property Value – Deposit – Current Mortgage Balance
$350,000 – $80,000 – $120,000 = $150,000 - Monthly Payment (at 4% over 25 years) = $791.82
- Total Payment = $237,546
- Total Interest = $87,546
With these results, you know exactly what your new mortgage will cost you before committing.
Benefits of Using the Moving House Mortgage Calculator
- Quick and Easy – Instant results with just a few inputs
- Accurate Estimates – Plan your budget with realistic repayment figures
- Helps Compare Options – Adjust values to see how different deposits, interest rates, or loan terms impact costs
- Informed Decision-Making – Understand your financial commitment before making an offer on a property
- Shareable Results – Copy calculations to share with family, advisors, or lenders
Tips for Getting the Most Out of the Calculator
- Experiment with Different Loan Terms – Longer terms lower monthly payments but increase total interest
- Test Interest Rate Changes – Small changes in rates can significantly impact your costs
- Increase Your Deposit if Possible – A larger deposit reduces your borrowing and interest paid
- Use It Early in the Buying Process – Get a clear idea of affordability before committing to a property
Common Use Cases
- Upsizing – Moving to a larger home and needing to know the cost difference
- Downsizing – Understanding how much smaller mortgage you might need
- Relocating – Budgeting for a new area with different property prices
- Equity Release – Calculating costs if you’re using home equity as part of your move
FAQ – Moving House Mortgage Calculator
1. What is a Moving House Mortgage Calculator?
It’s a tool that estimates your new mortgage amount, monthly payments, total repayment, and interest when moving homes.
2. Does this calculator include my existing mortgage?
Yes, it factors in your current mortgage balance to determine the new amount you need to borrow.
3. Can I use this for remortgaging?
While it’s designed for moving house, you can adapt it for remortgage calculations by entering relevant values.
4. What if my new mortgage needed comes out negative?
That means your deposit and current mortgage payoff cover the property value entirely, so you don’t need a new mortgage.
5. Does it account for fees and taxes?
No, it only calculates mortgage costs. You should budget separately for fees like stamp duty, legal fees, and surveys.
6. Is the interest rate fixed?
You can input any interest rate—fixed or variable—for calculation purposes.
7. What if I don’t know my exact interest rate yet?
You can use an estimated rate to get a general idea of potential costs.
8. Can I change the loan term later?
Yes, you can adjust the term in the calculator to see how it affects payments.
9. Does this tool work for buy-to-let properties?
Yes, but you’ll need to enter the relevant property value, deposit, and mortgage details.
10. Is it suitable for first-time buyers?
It’s mainly for those moving homes, but first-time buyers can still use it to estimate payments.
11. Will this calculator tell me if I’ll be approved for a mortgage?
No, it only estimates costs. Approval depends on lender requirements.
12. Can I use it on mobile?
Yes, the tool is mobile-friendly.
13. Does it show how much interest I’ll save by paying extra?
Not directly, but you can adjust the term or deposit to see potential savings.
14. Is my data saved?
No, the calculator does not store any personal data.
15. Does it include insurance?
No, insurance costs are separate.
16. Can I print my results?
You can copy your results and paste them into a document to print.
17. What’s the best loan term to choose?
That depends on your budget and financial goals. Longer terms mean smaller payments but more interest.
18. Does it handle interest-only mortgages?
It’s designed for repayment mortgages, not interest-only.
19. How accurate is it?
It provides a good estimate, but actual lender offers may vary.
20. Can I share results with my broker?
Yes, you can copy and send them directly.