Refinance Calculator
Should you refinance your home loan? Calculate potential savings, break-even point, and factor in all the costs of switching lenders.
1 Current Loan
$
%
2 New Loan
%
$
Discharge, application, valuation, legal fees
Refinancing Analysis
Monthly Savings
$245
Annual Savings
$2,940
Break-Even Point
15 months
Lifetime Savings
$70,000
Recommendation: Refinancing is worth it!
You'll save $245/month and recover the costs in 15 months.
Loan Comparison
| Metric | Current Loan | New Loan | Difference |
|---|---|---|---|
| Interest Rate | 6.89% | 5.99% | -0.90% |
| Monthly Repayment | $3,195 | $2,950 | -$245 |
| Total Interest | $508,500 | $435,000 | -$73,500 |
| Total Cost | $958,500 | $888,500 | -$70,000 |
Typical Refinancing Costs (2025)
Discharge Fee
$150-$400
Application Fee
$0-$600
Valuation Fee
$0-$500
Legal/Settlement
$200-$600
Many lenders offer cashback or fee waivers. Always negotiate!