Refinance Calculator
Refinance Calculator: Repayment Savings and Break-Even
Enter your loan, your current rate and a new rate to estimate the change in monthly repayments, what it adds up to, and how many months the switching costs take to recover.
Your refinance estimate
Assumes principal and interest repayments over the same remaining term, at rates that don’t change.
Enter your loan balance and both rates to see an estimate.
Results are estimates only, based on the figures you enter, monthly repayments and rates that stay the same. They aren’t a quote, an approval or a loan offer, and they don’t consider your objectives, financial situation or needs. Rates, fees and features vary by lender, and a lower rate isn’t the only thing that matters in a loan. Lending criteria apply.
How it works
Two repayments, side by side.
The calculator works out the monthly principal and interest repayment at your current rate and at the new rate, over the years you have left. The difference, less your switching costs, is the estimated saving. Dividing the costs by the monthly difference gives the break-even point.
An example
On a $600,000 loan with 25 years left, moving from 6.39% to 5.89% would lower repayments from about $4,010 to about $3,826 a month, a difference of about $185. With $1,500 of switching costs, that would take 9 months to recover, if both rates stayed the same. These are example rates for illustration only, not advertised rates or an offer.
More than the rate
An offset, redraw, fees and how the lender treats you at the next rate change all matter. Read when to refinance your home loan, or see our refinancing and loan review service.
See current rates: variable rates by lender · fixed rates · all rates
Questions
Common questions, straight answers.
What costs come with refinancing?
Common ones are a discharge fee from your current lender, government fees to register and discharge the mortgage, and sometimes an application or valuation fee from the new lender. Breaking a fixed rate early can mean a break cost, which can be large.
Should I compare the interest rate or the comparison rate?
Look at both. The comparison rate folds in most fees and charges, so it gives a fuller picture of the cost. This calculator uses the interest rate for repayments and adds the switching costs you enter.
Can my lender just lower my rate instead?
Sometimes. Lenders may offer a lower rate to keep you, and that avoids switching costs. Comparing the market first shows you what to ask for.
Want a review of your current loan?
No obligation. No pressure. Just honest answers.
We don’t charge you for our service. Lenders pay us a commission if you go ahead with a loan.