Refinance calculator
Refinance Savings Calculator
Compare your current home loan with a different interest rate and estimate the potential change in repayments, savings and refinance break-even period. This calculator provides an estimate only. Actual refinance outcomes depend on your lender, loan structure, fees, remaining term and personal circumstances.
Your loan details
Most balances fall between $10,000 and $5,000,000.
Include estimated discharge, application, valuation, legal or other refinance-related costs where relevant.
Your estimated refinance comparison
- Current monthly repayment
- $3,377
- Estimated new monthly repayment
- $3,147
- Estimated repayment saving
- $231
- Estimated annual saving
- $2,768
- Estimated break-even period
- Approximately 9 months
- Estimated 5-year net saving
- $11,840
Estimated interest comparison
- Estimated current remaining interest
- $513,167
- Estimated interest on proposed refinance loan
- $443,967
- Estimated difference in interest
- $69,201 less
- Estimated refinance costs
- $2,000
Interest figures are estimates and exclude refinance costs, which are shown separately.
Current loan
- Balance
- $500,000
- Interest rate
- 6.50%
- Remaining term
- 25 years
- Repayment frequency
- Monthly
Proposed refinance
- Balance
- $500,000
- Interest rate
- 5.75%
- New term
- 25 years
- Repayment frequency
- Monthly
- Estimated refinance costs
- $2,000
This estimate compares principal-and-interest repayments using daily interest modelling and assumes the interest rates entered remain unchanged.
A lower repayment does not necessarily mean refinancing will result in a better overall financial outcome. A longer loan term can reduce repayments while increasing the total interest paid over time.
Want to know whether refinancing makes sense for you?
The numbers are only one part of a refinance decision. Your current loan, available products, fees, features and longer-term objectives all matter.
What should you consider before refinancing?
Interest rate
A lower rate can reduce repayments and interest, but the size of the difference matters.
Refinance costs
Discharge fees, application costs and other expenses can reduce or delay the benefit of refinancing.
Remaining loan term
Extending the loan term may lower repayments but can increase the amount of interest paid over time.
Loan features
Offset accounts, redraw, fixed-rate conditions and other features may affect whether a new loan is suitable.
This calculator provides an estimate for general information only. Interest is modelled daily using the outstanding loan balance and the annual interest rate divided by 365. It does not constitute credit, financial, legal or tax advice and does not represent a loan offer, recommendation or approval. Actual repayments, refinance costs and savings may vary depending on the lender, repayment dates, fees, product features, rounding methods, loan term and your individual circumstances. Interest rates can change.