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Retirement Interest Only Mortgage calculator
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Mark Gregory
Checked for accuracy and updated on 15 May 2024

Equity Release Calculator For Retirement Interest Only Mortgages

Try our free equity release calculator for retirement interest only mortgages


How to use our retirement interest only equity release calculator

It couldn’t be simpler to use our retirement interest only (RIO) calculator for equity release. To get an instant estimate of the maximum you could borrow on a RIO mortgage, simply add in the following to our equity release calculator:

  • The value of your property (this must be a minimum of £70,000 and in the UK)
  • The age of the youngest homeowner (they must be at least 55 years old)
  • Your postcode

With our equity release calculators, only your property details are required for you to see how much you could release from a RIO mortgage. Once you’ve filled in the information, your RIO equity release calculator results are shown instantly in an easy-to-read table.

You can also find personalised calculations for all other eligible equity release plans when you use smartER, an innovative equity release tool that provides real-time calculations across the entire market.

An introduction to retirement interest only mortgages

Retirement interest only mortgages (RIOs) are specifically designed to help homeowners whose current interest only mortgages are coming to an end and who wish to carry their lending into retirement. RIOs offer an alternative to standard equity release plans, where disposable income is available to meet regular lifetime monthly payments.

RIOs work in the same way as an interest only mortgage, whereby the accruing interest on the amount borrowed is repaid each month. The main difference is that RIOs have no end date or fixed term. As a result, RIOs and interest-only mortgages differ in the way the loan is repaid.

With a conventional interest-only mortgage, the balance is repaid at the end of the term agreed with the lender. With a RIO mortgage, the balance is repaid when you die or move into long term care. This is the same as a lifetime mortgage.

RIO mortgages are typically offered by life insurance companies such as Legal & General, specialist RIO lenders like LiveMore and Hodge, plus building societies such as Nationwide. It’s important to remember that RIOs are residential mortgages. This means that you must pass the lender’s income and affordability checks to qualify, and your home may be repossessed if you don’t keep up your monthly interest repayments.

How to compare retirement interest only mortgages

Looking to compare RIO mortgages? You can research the range of retirement interest only mortgages currently available to you using our compare deals functionality – a tool that’s only available at Equity Release Supermarket.

You'll be able to view all the RIO mortgage interest rates, along with their features and any offers from all lenders across the equity release marketplace. Alternatively, try our free intelligent smartER equity release research tool, which allows you to conduct your own research on RIO plans across the whole of the later life market.

Looking to see how much you could release from your property with a different equity release plan or lifetime mortgage? Take a look at our equity release calculator page to receive an estimate for all your eligible plans.

Let’s make it personal

Your retirement interest only (RIO) mortgage calculator results may not be what you were expecting, but it’s important to remember that are only a guide. Your local expert adviser is on hand to answer all your questions and find the right mortgage for you. If you’re ready, why not call them now?



These are retirement mortgages for the 50+ consumer, based on income, credit rating and affordability. The RIO calculator does not base the results on affordability and therefore should only be used as a guide. Your home may be repossessed if you do not keep up repayments on a RIO mortgage. To understand their features, benefits and risks, please contact Equity Release Supermarket for your personalised, key facts illustration. All RIO quotes can be tailored to your own circumstances and you are under no obligation to proceed.