Refinancing your home loan can allow you to switch to a lower interest rate and enjoy lower fees or other loan charges. Reducing your interest rate even by a fraction of a percentage opens you up to thousands in potential savings and can significantly reduce the amount of time it takes to pay off your home loan.
When your interest rate is lower, it means a greater portion of your repayments will go towards paying down the principal loan amount. If you switch to a lower interest rate and start making larger home loan repayments, you'll pay off your mortgage even quicker.
This refinance calculator gives you an estimate of what you can save by refinancing your home loan. The calculator analyses three different scenarios:
Once you enter your current and new loan details, the calculator will automatically display your results for all three scenarios. For scenarios two and three, you'll see the total saving over the life of the loan if you choose to refinance.
The Switching Save or Cost Chart graphs how much you will save (or lose) by refinancing your mortgage.
Now that you've input the details of your current loan, you can then input the details of the new home loan you're considering switching to:
This calculator is designed to give you an estimate of what you could save by refinancing your home loan and either making the minimum or higher monthly payments. The calculator works on a series of assumptions, including:
Because different policies, fees, and charges apply to the home loans offered by lenders, a calculator can't give you a precise answer on how much you'll save by refinancing. With this in mind, you should only use the results from this refinance calculator to indicate what you could save by switching to another mortgage.