Refinancing Savings Calculator

New instalment, interest saved and the month you break even when you switch your home loan.

Estimated net saving–

Current instalment: –
New instalment: –
Change each month: –
Interest on current loan over the period: –
Interest on new loan over the period: –
Interest saved: –
Less fees and penalty: –
Net saving: –
Break-even: –

The two loans have different tenures, so the change in instalment is not the same as the interest saved. A longer tenure lowers the instalment but usually costs more interest overall.

When Switching Pays Off

Refinancing means moving your home loan to another lender. Repricing means switching to a different package with the same lender. Either way, the sums are the same: the interest you save has to be more than what it costs you to switch.

The costs are usually legal and valuation fees, plus a penalty if you leave during a lock-in period. Some lenders also claw back subsidies they gave you if you leave within a few years. Check your loan letter for these before comparing rates.

The break-even month is when the interest saved so far has covered those costs. If it falls after the new loan's lock-in period ends, the switch may not be worth it, because the new rate is likely to change by then.

Assumptions And Limits

Compares two loans at fixed rates over the period you choose. Real packages change rate after the lock-in period, so compare over the lock-in period of the new loan and look again when it ends.
Interest saved is the difference in interest charged over the period. The saving in your monthly instalment can be larger or smaller than this if the two loans have different tenures.
Costs are whatever you enter: legal and valuation fees, any penalty for leaving during a lock-in period, and any subsidy your current lender claws back. Deduct any cash rebate or legal subsidy the new lender offers.
A new lender must assess you again under the rules that apply to refinancing, and a longer tenure lowers the instalment but usually raises total interest. A loan from a bank cannot be switched back to an HDB loan.
No rates are suggested here. Enter the rates you have actually been quoted.

This calculator was built with AI tools from published rules and may contain errors. Results are estimates for education only, not financial advice and not a guarantee. Rates and rules change; confirm with the official source before you act. Your figures stay in your browser: nothing you type is sent to us.

Refinancing Savings Calculator

Your Current Loan

The New Loan

When Switching Pays Off

Assumptions And Limits

Sources