Drawdown calculator

Drawdown Lifetime Mortgage Calculator

Compare taking money upfront with releasing it in stages. Use the result as a planning guide, then check suitability, lender criteria and the full advice route before acting.

Your figures

Enter the details.

£
£/year
years
%

Guide result

Your estimated result.

Future balance guide—
Total borrowed—
Interest added—

Drawdown may reduce interest build-up compared with taking all funds at outset, but terms and rates vary.

Worked example

£30,000 now, then £5,000 a year for 10 years.

Worked example inputs and results
Initial release£30,000
Yearly withdrawal£5,000 for 10 years
Interest rate (illustrative)6.5% a year
Total borrowed£80,000
Future balance guide£123,786
Interest added£43,786

These are the figures already in the calculator. Change any box to see your own guide figure.

Taking the full £80,000 at the start, with no yearly withdrawals, gives a 10-year balance of £150,171 and interest of £70,171. That is £26,385 more interest. It is not a like-for-like saving: with drawdown you receive the money over 10 years rather than all at once.

The 6.5% interest rate is illustrative only. It is not a current market rate and it is not a rate we are offering. Your adviser will show you the rates available to you in a personalised illustration.

Talk it through

Discuss your result with an adviser.

Tell us what you entered and when you expect to need the money. An adviser will explain how drawdown could work for you, the costs and risks, and whether another option could suit you better.

There is no obligation to go ahead, and family members are welcome to join the conversation.

Call 01202 084 064

No adviser fee. Lender, valuation and legal costs may apply.

Equity release includes lifetime mortgages and home reversion plans. To understand the features and risks, ask for a personalised illustration. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.

Calculator results are illustrations only, not a quote or personal advice.

Request an equity release callback

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Important information

Equity release is not suitable for everyone, may reduce the value of your estate, may affect entitlement to means-tested benefits and requires advice. A drawdown lifetime mortgage is usually secured against your home and interest may roll up on amounts released.

These calculators provide estimates only and are not personal advice. Speak to The Mortgage Hive before making financial decisions.