Fixed term comparison calculator

Shorter fix or longer fix? See the real trade-off.

Compare any two fixed mortgage terms side-by-side. We work out the cost of certainty, the break-even rate, and what future rates would need to be for each option to win.

Includes switching costs No signup needed Future rate scenarios Under a minute

Two ways to use this calculator — pick whichever feels best.

You're comparingFixed terms — flexibility vs. certainty over your mortgage

Compare any two fixed terms

See which costs less over the longer of the two fixes.

How this works — what we compare

Shorter (2–3 yr)

Flexibility — benefit if rates fall, but switching costs at each remortgage.

Longer (5–10 yr)

Certainty — payment locked, but typically a higher initial rate and no chance to switch to a cheaper deal if rates fall.

How we compare: payments during each fix + product fees + switching costs at each remortgage + the balance you'd still owe at the end of the longer fix.

Your mortgage

Loan amount*

The total amount you want to borrow.

Mortgage term (years)*

Overall length of the mortgage — not the fixed period.

FeesAdd product fees to the loanvs. paid upfront

If on, fees are added to your balance and interest accrues on them.

Remortgage costs (per switch)

What it costs to switch lenders£1,299 total

Broker fee

Arrangement / product fee

Valuation fee

Legal / solicitor

Cashback (deducted)

The two products you're comparing

Product A · 2 yr

Fixed term*

Rate*

Product fee

Product B · 5 yr

Fixed term*

Rate*

Product fee

Results update live as you edit

Your result

5-year fix wins — saves £1,377 over 5 years.

On £250,000 over a 25-year mortgage, the 2-year fix at 4.5% compares against the 5-year fix at 4.6% — including £2,598 of switching costs. Break-even is at 4.3% when you remortgage.

£250,000 loan2yr @ 4.5% vs 5yr @ 4.6%25-yr term

Saving over 5 years

£1,377

at remortgage rate 4.50%

How they compare

Drag the rate slider to set your remortgage assumption — the breakdown updates live.

break-even 4.3%

1.0%9.0%

4.50%

↓ 2-yr wins↑ 5-yr wins

This rate applies to all 2 remortgages.

The 5-year fix saves£1,377 over 5 years.

	2yr @ 4.5%	5yr @ 4.6%
Monthly payment (initial fix)	£1,390−£14	£1,404+£14
Payments over 5 yr	£83,375−£854	£84,229+£854
Switching costs (over 5 yr)	2 × £1,299 = £2,598	£0
Outstanding at year 5	£219,645−£367	£220,012+£367
Total cash impact (5 yr)	£305,618+£1,377	£304,241−£1,377

Total = payments + switching + outstanding balance at year 5. Drag the rate slider below to see how this changes.

The hidden cost of switching

2 remortgages over 5 years = £2,598 in switching fees

A 2-year fix means you remortgage 2 times over 5 years, costing an estimated £2,598. The 5-year fix avoids these costs entirely. We've factored this in when comparing total cost.

Per switch: £999 arrangement + £300 legal = £1,299 × 2 switches = £2,598

Tip: Internal product transfersWhen your fix ends, you can switch to a new deal with your existing lender — this usually saves legals and valuation, and may not need a broker. The rate may be slightly higher than the market's cheapest, but the lower fees can make it the better deal. Adjust the breakdown above to compare.

Cost of certainty

£341

£14/month over the first 2 years

This is how much extra you pay over the first 2 years by choosing the 5-year fix instead of the 2-year. In return, you get 3 additional years of payment certainty.

Think of it this way: You're paying £341 for insurance against rate rises for 5 years. Whether that's worth it depends on what you think rates will do — see the break-even and scenarios below.

Things to keep in mind

What this calculator covers — and what it doesn't.

Early repayment charges: Longer fixes typically have ERCs for the full term — often 5%+ in early years. If you might move or remortgage early, factor in the potential penalty before locking in.

Life plans: Think about whether you might move, have children, or change jobs in the next few years — these can change what mortgage you need. A longer fix has less room for those plans.

Rate predictions are guesses: No-one can predict future rates with certainty. Use the break-even rate as a sanity check on your assumptions, not a guarantee.

For guidance only. Please consult a mortgage advisor for personalised advice.

Frequently asked questions

Common questions about choosing between fixed terms.

01Should I choose a shorter or longer fixed mortgage term?

It depends on your risk tolerance and rate expectations. Shorter fixes (2-3 years) usually have lower rates but expose you to rate uncertainty sooner. Longer fixes (5-10 years) cost more but provide payment security. Consider how long you plan to stay in the property, early repayment charges, and your ability to handle potential rate rises.

02What is the 'cost of certainty' with a longer fix?

The cost of certainty is the extra amount you pay for a longer fixed rate compared to a shorter fix over the initial period. This premium reflects the value of knowing your payments won't change. Our calculator shows exactly how much this costs for your specific situation.

03What is the break-even rate?

The break-even rate is the interest rate at which remortgaging after a shorter fix would result in the same total cost as staying on a longer fix. If you expect rates to be below this level when you remortgage, the shorter fix might save you money. If rates could be higher, the longer fix offers better value.

04Do longer fixed mortgages have higher early repayment charges?

Generally yes. Longer fixed mortgages typically have early repayment charges (ERCs) for the full term, often starting at 5% and reducing each year. Shorter fixes usually have lower ERCs for a shorter period. Factor in potential ERCs if you might move or remortgage early.