CALCULATOR
Refinance savings calculator
Your numbers
Enter your loan balance, current rate and new rate to see your estimate.
Monthly saving
$0
Yearly saving
$0
- Switching costs paid back in
- 0
- Net saving over the loan
- $0
| Monthly repayment | Total interest | |
|---|---|---|
| Current loan | ||
| New loan |
Refinancing means moving your home loan to a new loan, often with a different lender. A lower rate can cut your repayments, but switching has costs. This shows how much you could save each month and how long it takes to win back what you spend to switch.
What this doesn't include
- Rate changes. It assumes both rates stay the same for the rest of the loan. Variable rates move, and fixed rates end.
- Ongoing fees. Annual package or monthly account fees on either loan aren't counted unless you add them to the switching cost.
- Cashback offers. Some lenders offer cashback to switch. It can help, but it shouldn't be the main reason to move.
- Approval. Refinancing needs a new application. Your income, debts and the property's value all count again.
Questions, answered
What does it cost to refinance?
It depends on the lenders. Common costs include a discharge fee from your current lender, application or settlement fees on the new loan and government fees to register the change. If you're on a fixed rate, break costs can be large, so ask your lender for a quote first.
Should I keep the same loan term?
This calculator keeps the years you have left, so the comparison is fair. Some people refinance onto a fresh 30-year term to lower repayments, but stretching the loan out usually means paying more interest overall.
Could I just ask my current lender for a better rate?
Often, yes. Some lenders will lower your rate if you ask, especially if you've been with them a while and have a good repayment history. It's worth trying before you switch. If they won't move, a broker can compare options across a panel of lenders.
When is refinancing worth it?
Usually when the saving pays back the switching costs well within the time you expect to keep the loan, and the new loan has the features you need. Our guide on when refinancing is worth it goes through it, and if your fixed rate is ending, see what to do when your fixed rate ends.
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Want to know if switching is worth it for you? Book a chat, email ugur@demir.loans or call 0495 000 228. Free, no obligation.
This calculator gives estimates only, based on the figures you enter. It assumes principal and interest loans with monthly repayments over the same remaining term, and rates that stay the same. It doesn't include ongoing fees unless you add them. It isn't a quote, a credit offer or an indication that you'd be approved for a loan. It's general information only and doesn't take your objectives, financial situation or needs into account. No interest rates are quoted on this website.