Equity release or a RIO mortgage?

Two later life options, two very different shapes. A roll up lifetime mortgage asks for no monthly payments, so the interest compounds onto the balance. A retirement interest only mortgage, or RIO, asks you to pay the interest each month, so the amount you owe stays flat. This tool shows the long run cost of each, and whether the RIO payment looks affordable.

Amount you borrow (£)

Interest rate (% per year)

Over how many years

Your monthly income, after tax (£)