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Standard UK repayment-mortgage amortisation: monthly payment = P·r(1+r)ⁿ / ((1+r)ⁿ−1), where P is your balance, r the monthly rate, n the months remaining. The saving compares your current payment with the same balance and term at the new rate.
If your fixed term has ended you're likely on your lender's standard variable rate, typically 2–3 percentage points above the best available deals. Remortgaging fees (arrangement, legal, valuation) usually total £1,000–£2,000 — worth it when your monthly saving repays that inside the fix.