Early Repayment Charge Calculator

Calculate the cost of leaving your mortgage early and when it's worth it

Outstanding Mortgage Balance (£)

Current Interest Rate (%)

Early Repayment Charge Type

ERC Value Enter percentage (e.g., 3 for 3%)

Remaining Fixed/Tie-in Period (Months)

New Mortgage Rate Available (%) Optional: for break-even analysis

Early Repayment Charge

£0

ERC as % of Balance

0%

Months Until ERC Expires

0 months

ERC Breakdown

Outstanding Balance

£180,000

ERC Rate

3.0%

Total ERC

£5,400

When ERCs Apply

Fixed Rate Periods	Usually entire fixed period
Tracker Mortgages	Often first 1-3 years
Discounted Rates	During discount period
Cash-back Deals	Until cash-back repaid
Standard Variable Rate	Usually no ERC

ERC-Free Allowances

Most lenders allow penalty-free overpayments up to:

10% per year: Of outstanding balance without ERC
Porting: Moving mortgage to new property often ERC-free
Death/Illness: ERCs often waived in exceptional circumstances
Sale Due to Job Loss: Some lenders waive charges

Understanding Early Repayment Charges

Common ERC Types

Percentage: 1-5% of outstanding balance
Months Interest: 3-6 months of interest payments
Fixed Amount: Set fee regardless of balance
Sliding Scale: Reduces each year remaining

When to Consider Paying ERC

Significant rate reduction available
Long remaining tie-in period
Large mortgage balance
Break-even within 12-18 months

Related: Use our remortgage calculator to compare total costs and remortgaging guide.