Advise Wise has announced the launch of its Cost Calculator tool.

It allows advisers to compare key metrics of different later life mortgage products side by side.

The Cost Calculator provides a view of key financial details across multiple product options, from traditional mortgages to retirement interest-only and a variety of lifetime mortgages, while listing their payment schedules, interest roll-up and the total amount borrowed/owed throughout the loan term.

Advisers can now identify and recommend the most suitable plans for clients, especially those with disposable income. The tool offers the ability to demonstrate the benefits of making regular payments over different time periods and shows how different payment scenarios affect the total amount paid, any interest roll-up and final loan balance.

Advise Wise says the Cost Calculator is ideal for scenario building, allowing the advisor to create and visualise different financial outcomes through detailed tables and graphs, which are also available as a PDF download.

Aaron Conlon (pictured), managing director at Advise Wise, said: “Our new Cost Calculator is a game-changer, it equips advisers with the tools needed to provide bespoke advice, and by giving a full view of payments and interest across a range of products it ensures clients understand the long-term benefits and the financial implications of their chosen plans. It adds unparalleled depth to the sourcing journey, offering deeper insights to support advisers in delivering exceptional outcomes for their clients.

“In line with our mission to empower advisers to achieve more, we’ve integrated the Cost Calculator into the sourcing journey on our platform, as we continue to introduce innovative tools our members can rely on to provide flexible, personalised, and transparent advice.”