Pay off one mortgage with another?

accountingbod

Hi all

Just wondering if anyone knows of a good online calculator for comparing the saving if you paid off part of one mortgage with another mortgages additional borrowing?

Basic info is mortgage on flat at 115,000 at 3.69% for another 14 months.

Our house has increased in value and i'm thinking when we remortgage in June to apply for an additional 10% to pay down on the flat. Our LTV would be around 60%. The rate we could get would be around 1.85% to 2.05% on a 2 year fixed

I'm an acountant i know but its already been a long week and i cant be arsed to play around with excel

Thanks

edinburgher

Isn't the difference

(3.69-2.05)%/(12*14)*115,000?

Something like £2200 of a difference roughly?