Is It Worth Switching Mortgages?

Compare your current mortgage with a new offer and discover if switching is right for you. Calculate monthly savings, switching costs and the payback period.

Is it worth switching mortgages?
Compare your current mortgage with a new offer and discover if switching is right for you

Current Mortgage

New Mortgage

How this calculator works

1. Enter your current mortgage

Initial capital, signing date, term and interest rate (fixed or variable with Euribor + spread). With this data we calculate your current outstanding capital.

2. Enter the new offer

The interest rate of the new mortgage. You can keep the same remaining term or change it. The calculator will use your outstanding capital as a basis.

3. Analyze the results

You'll see the monthly payment difference, estimated switching costs (commission + expenses) and the recovery period in months.

4. Make an informed decision

Our recommendation is based on the recovery period: less than 3 years is highly recommended, 3-5 years is acceptable, more than 5 years usually doesn't compensate.

Factors to consider

  • •Remaining mortgage years: The more years you have left, the more sense the switch makes because you accumulate more savings.
  • •Your current mortgage commissions: Check your deed to know the exact early repayment commission.
  • •Linked products: Many banks reduce the rate if you contract insurance or domicile your salary. Evaluate the real cost.
  • •Euribor outlook: If you have a variable rate and expect increases, switching to fixed can protect you even if immediate savings are lower.

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Preguntas Frecuentes

The main costs are: early repayment commission (0-2% of outstanding capital according to your mortgage law), notary, registry and agency costs (approximately €1,000-2,000). Our calculator estimates 1% commission + €1,600 fixed costs.
Refinancing means switching banks while keeping the mortgage guarantee. Renegotiation modifies conditions with your current bank. Refinancing usually has lower costs and is the most common option to improve conditions.
Generally it's worth it if you recover the switching costs in less than 3-5 years. Also when you have many mortgage years left, if the rate difference is more than 0.5-1%, or if you're switching from variable to fixed in a rate increase context.
It's the time it takes to recover the switching costs thanks to monthly savings. If you save €100/month and costs are €3,000, the recovery period is 30 months. After that time, the savings are net.
Yes, it's one of the most common reasons to switch mortgages. It protects you from future Euribor increases. The new 2019 mortgage law facilitates this change with regulated maximum commissions.