Refinance Calculator
Find out if switching your home loan saves money — and how quickly you break even
Quick Reference
How to Use This Calculator
See whether refinancing stacks up — calculate your monthly saving and break-even point in under 60 seconds.
Enter your current loan
Input your remaining balance, current interest rate, and years remaining on your existing loan. These figures are usually found on your latest loan statement.
Enter the new loan details
Set the new interest rate you’ve been offered (or are targeting) and the new loan term. The calculator shows you side-by-side repayments instantly.
Add your switching costs
Include discharge fees from your current lender and any application or settlement fees from the new lender. This is key to an accurate break-even calculation.
Review your savings breakdown
The results show your monthly saving, total interest saving over the loan term, and the break-even point — the month from which refinancing pays off.
Refinancing rule of thumb
A rate reduction of 0.5% or more is typically enough to justify refinancing once switching costs are factored in.
The break-even point tells you how many months until your cumulative savings exceed the upfront switching costs.
Resetting to a 30-year term can lower repayments but increases total interest paid — always weigh both figures.
Dropping from 6.5% to 6.0% on a $600k loan saves around $190/month — that’s $57,000 over 25 years.
Most switching costs total $1,000–$2,000. At $190/month saving, break-even is typically under 12 months.
Ready to make the switch?
The numbers look promising — now let’s make it happen. Our brokers compare hundreds of loan options across our lender panel and handle the paperwork for you, at no cost.
Results are estimates only and do not constitute financial advice. Actual savings will vary based on lender, fees and other factors.