Refinance Guide
Compare current and new loan offers to maximize your interest savings.

Introduction

Refinancing can save you thousands, but it's important to account for all fees and understand the break-even point. Our calculator helps you compare your current mortgage with a potential new loan offer to see if switching is worthwhile.

1. Current Loan Input

Enter the details of your existing loan here, including the current balance, interest rate, and the remaining term.

Entering your current loan details

2. New Loan Input

Provide the details for the new loan you are considering. You can adjust the interest rate and the proposed loan term.

Entering the new loan details

3. Refinance Cost

It's important to factor in any upfront costs associated with refinancing, such as discharge fees, application fees, and government costs.

Factoring in refinancing fees and charges

4. Result Summary

The result summary provides an overview of your estimated net savings and a recommendation based on your inputs.

A summary of your potential savings

5. Savings Summary

This section breaks down your monthly repayment differences and the total interest saved over the life of the loan.

A detailed breakdown of interest and monthly savings

6. Cost Comparison

Compare the total costs of your current loan vs. the new loan offer, including both interest and upfront fees.

Visualizing total cost difference

7. Net Savings

This chart displays your progressive net savings over time, showing you when you'll reach the break-even point.

Tracking your savings progress over the life of the loan