Estimate the Early Repayment Charge for breaking a fixed-rate mortgage in Ireland, and whether switching to today's rate actually saves more than the fee costs.
How it's calculated
Lenders calculate the Early Repayment Charge as your outstanding balance × the difference between your locked-in rate and a comparable market rate today × the years left on your fixed term — this is the published methodology (e.g. ICS Mortgages' regulatory disclosure), not an estimate invented for this calculator. If today's rate is higher than yours, the fee is zero — lenders only charge for their own funding loss, never the other way round. Your actual quote will very likely be lower than this figure, since lenders also credit the loan's reducing balance, payment timing, and any unused overpayment allowance. Interest saved is then worked out by running the standard mortgage amortisation at your current rate and at the new rate over the same remaining period, and the difference is compared against the fee.
Try it with your own numbers. Free, runs entirely in your browser — nothing you enter is sent anywhere.
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