Mortgage strategy
Refinance Calculator
Compare your current loan to a proposed refinance — see the monthly saving, total interest delta, and how long fees take to recover.
Break-even months Interest delta Switching fees
01 —INPUTS
Current loan
Proposed loan
Combined break / discharge / settlement / application fees from current and new lender.
02 —RESULTS
CurrentProposed
Repayment per period3,094.912,954.62
Total interest over loan478,472.60436,385.83
Payoff time25.0 yrs25.1 yrs
Monthly saving (proposed vs current)140.29
Total interest saving42,086.77
Break-even on refinance fees6.4 months
Common questions
What is the break-even on refinance fees?
It's the number of months of monthly savings needed to recover the upfront switching costs (discharge, settlement, application). After break-even, every dollar of saving is genuine.
Should I refinance just for a 0.25% rate drop?
It depends on the loan size, remaining term, and fees. On a small balance with high fees, a 0.25% drop may take years to break even. On a large balance with fee-waivers, it can pay back in months.
What costs should I include in fees?
Discharge fee from current lender, settlement and application fees from new lender, valuation fees, and any LMI top-up if your LVR exceeds 80%.