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Refinance savings calculator.

Refinancing means moving your home loan to a new rate or a new lender. Enter your balance, your current rate, the rate on offer and how long you have left, and the calculator shows your monthly saving, the interest saved over the remaining term and how many months it takes to earn back the cost of switching.

It also shows a smarter option: keep paying what you pay now at the lower rate, and clear the loan sooner.

Current loan balance

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How this calculator works.

  1. Both repayments are the principal & interest repayment on your balance over the remaining term, one at your current rate and one at the new rate. The difference is your monthly saving.
  2. Interest saved is the total interest at the current rate less the total at the new rate over the remaining term, before switching costs.
  3. Break-even is the switching cost divided by the monthly saving, rounded up to whole months. If there is no monthly saving there is nothing to earn the cost back from.
  4. Keeping your current repayment at the new rate pays the loan off sooner, and the calculator reports the months saved.

What it assumes

  • Switching costs start at $600, covering a discharge fee from your old lender and a settlement or admin fee from the new one. Enter your own figure.
  • The starting scenario is a balance of $450,000 moving from 6.94% to 6.19%, with 25 years left.
  • Your remaining term is kept the same, so the comparison is like for like.
  • Break costs on a fixed rate, LMI and any change to ongoing fees are not included.
  • Assumptions last reviewed 25 September 2026.

Questions people ask.

Is it worth refinancing for a lower rate?

It depends on the size of the rate gap, how much you owe, how long you will keep the loan and what switching costs. The calculator’s break-even figure tells you how many months of savings it takes to cover the costs. With its starting numbers the saving is about $211 a month.

What does it cost to refinance?

Common costs are a discharge fee from your current lender and a settlement or application fee from the new one. You may also face a break cost if you are on a fixed rate, and LMI if the new loan is over 80% of your property’s value. The calculator starts at $600 for the first two; enter what you have been quoted.

Should I keep the same repayment after I refinance?

Keeping your old repayment at the new, lower rate sends more of each payment to principal, so you clear the loan sooner and pay less interest overall. The calculator shows how many months that saves.

Can I refinance if I am on a fixed rate?

You can, but leaving a fixed rate early can trigger a break cost. Use the fixed-rate break cost calculator to estimate it before you decide.

Will refinancing restart my loan term?

Only if you choose a new term. Some borrowers reset to 30 years, which lowers repayments but increases total interest. This calculator keeps your remaining term so the comparison is like for like.

More calculators.

Refinance Savings Calculator | Siare