Refinance Calculator
Compare your current loan with a lower rate and see whether refinancing is likely to save you money.
Should you refinance, or stay put?
If your interest rate has crept above what's available today, refinancing could reduce your repayments and lower the interest you pay over the life of your loan.
This calculator compares your current loan with a lower interest rate, estimates your monthly and lifetime savings, and factors in refinancing costs so you can see whether switching is likely to be worthwhile.
This calculator includes
Frequently asked questions
How much does it cost to refinance?
Refinancing costs vary depending on your lender and loan. They may include discharge fees, application fees, settlement costs, government charges and, if you're on a fixed-rate loan, break costs. This calculator helps you compare those costs against the potential savings, but for a more detailed answer, book in a free discovery call.
Will refinancing reduce my repayments?
Usually. A lower interest rate often reduces your repayments if your loan term stays the same. You can also lower repayments by extending your loan term, although this generally means paying more interest over the life of the loan. This calculator helps you compare both your repayments and total interest so you can see the trade-offs.
Is the lowest interest rate always the best option?
Not necessarily. Interest rate is important, but so are loan features, flexibility, fees and how the loan supports your longer-term goals. The cheapest loan today isn't always the right loan for your situation.
How do I know if refinancing is worthwhile?
That depends on how much you could save, the costs of switching and how long you expect to keep the loan. This calculator estimates your break-even point and potential savings to help you decide whether refinancing is worth exploring further.
Related calculators
Talk it through with Scott
These figures are a guide, not a guarantee, and they're not legal, financial, tax or credit advice. Book a free discovery call and get real numbers for your situation.