Interest rate rise mortgage calculator: How much will it cost you?

Interest rate rise calculator: How does a move affect your mortgage payments and what will it cost you?

The Bank of England is raising interest rates and this is driving up mortgage rates, our calculator lets you work out what this could cost you.

You can work out how much extra you would pay on your mortgage if your lender changes the rate you are paying (or how much you would save if rates came down).

The calculator lets you use your current mortgage rate and see how different levels of rate rises would increase interest and monthly payments. 

Enter a figure for the size of the rate rise or a negative value eg (-0.25) for a rate cut. 

> Check the best live mortgage rates you could apply for with our mortgage finder

Base rate vs mortgage rates

If the Bank of England changes the base rate some mortgage rates will move, but not all. Fixed deals will remain at the same level until they finish, base rate trackers will move by the same amount as the Bank’s shift, and standard variable rates or other deals linked to them will move by an amount decided by the lender. 

Latest interest rates and mortgages news 

Read our regularly updated guide to find out more: What next for mortgage rates and should you fix?

Our Mortgages & home section also features all our latest mortgage rates articles. 

Savers are benefitting from higher rates – check the best savings rates in our independent tables.

Be the first to find out about Bank of England rate changes – follow This is Money on Twitter. Or get weekly updates rates predictions and other big issues in our This is Money newsletter – sign up using the box below.

We also discuss the latest rate moves, best mortgages and savings rates and more on our weekly podcast. Visit the This is Money Podcast channel or listen at Apple Podcasts, Spotify, Audioboom, YouTube and more.