Calculators
Refinance Savings Calculator
Compare your current rate with a new one and see your savings after switching costs.
Estimated saving per month
$271
About $3,258 a year
- Current repayment
- $3,450/mth
- New repayment
- $3,178/mth
- Break-even on costs
- 4 months
- Net saving over the remaining term
- $83,751
Assumes both rates stay the same and the remaining term is unchanged. Restarting a fresh 30-year term can lower repayments but increase total interest. If you are on a fixed rate, ask your lender about break costs first.
Understand the numbers
How to Use a Refinance Calculator
To use a refinance calculator, enter your current loan balance, interest rate and remaining term, then the new rate, new term and switching costs. The calculator shows the change in repayments, the interest saved over the loan and how long it takes to recover your costs. The most important step is keeping the loan term the same when comparing, because stretching back to 30 years can make repayments look lower while costing more interest overall. Treat the result as an estimate, not a quote.
6 min readRefinancingWhen Should You Refinance?
It's worth looking at refinancing when you can get a meaningfully lower rate or better features, when a fixed rate is about to end, when your property value or income has improved, or when you need to restructure or access equity. The test is simple: do the savings or benefits outweigh the costs of switching, such as discharge fees and any break costs, within a reasonable time? A review every year or two is a good habit, even if you end up staying put.
7 min readRefinancingDebt Consolidation Explained
Debt consolidation means rolling higher-interest debts, such as credit cards, car loans and personal loans, into your home loan, usually through a refinance. Because home loan rates are generally lower, your monthly repayments can drop significantly. The catch is time: if those debts are stretched over 25 or 30 years, you can pay more interest in total, not less. Consolidation works best when you keep repaying the consolidated debts quickly, close the old accounts and address what caused the debt.
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