Compare and refinance
Mortgage Switching Calculator
Weigh up refinancing: compare staying put with switching on minimum repayments, or switching and keeping your current repayment.
Your current loan
Repayment frequency
Charged
The new loan
Use 0 if there is no introductory rate.
Application, valuation, settlement and government fees.
Charged
Switching could save you
$133,526
- Stay: monthly repayment
- $3,493.03
- Stay: total interest and fees
- $548,258
- Switch: new monthly repayment
- $3,287.37
- Switch: total interest and fees
- $486,211
- Switch and keep paying your current amount
- $414,732
Three ways to look at it
- 1. Stay with your current loan
- $548,258
- 2. Switch, pay the new minimum
- $62,047
- 3. Switch, keep your repayment
- $133,526
Total interest and fees, including the discharge fee when you finish.
Saved compared with staying.
Saved, and repaid 3 years, 2 months sooner.
Loan balance in each scenario
- Switch, keep repayment
- Stay
- Switch, minimum repayment
Show the figures as a tableHide the table
| Year | Switch, keep repayment | Stay | Switch, minimum repayment |
|---|---|---|---|
| 0 | $501,150 | $500,000 | $501,150 |
| 1 | $489,940 | $492,161 | $492,479 |
| 2 | $478,017 | $483,769 | $483,257 |
| 3 | $465,334 | $474,784 | $473,447 |
| 4 | $451,843 | $465,165 | $463,012 |
| 5 | $437,494 | $454,867 | $451,912 |
| 6 | $422,230 | $443,842 | $440,106 |
| 7 | $405,994 | $432,039 | $427,548 |
| 8 | $388,724 | $419,403 | $414,190 |
| 9 | $370,355 | $405,875 | $399,981 |
| 10 | $350,815 | $391,392 | $384,868 |
| 11 | $330,031 | $375,887 | $368,792 |
| 12 | $307,924 | $359,287 | $351,692 |
| 13 | $284,408 | $341,516 | $333,502 |
| 14 | $259,395 | $322,490 | $314,155 |
| 15 | $232,789 | $302,122 | $293,575 |
| 16 | $204,488 | $280,315 | $271,685 |
| 17 | $174,385 | $256,970 | $248,401 |
| 18 | $142,365 | $231,976 | $223,634 |
| 19 | $108,305 | $205,219 | $197,289 |
| 20 | $72,077 | $176,572 | $169,267 |
| 21 | $33,541 | $145,904 | $139,459 |
| 22 | $0 | $113,071 | $107,754 |
| 23 | $0 | $77,920 | $74,029 |
| 24 | $0 | $40,288 | $38,157 |
| 25 | $0 | $0 | $0 |
How this calculator works
- Switching costs include the new loan's upfront fees and your current loan's discharge fee, both added to the new loan.
- The second scenario pays the new loan's minimum repayment. The third keeps paying your current repayment, so the loan finishes sooner.
- Interest rates stay as entered for the life of each loan. Features such as offset and redraw are not included.
Results are general estimates only and are not credit, tax or financial advice. They do not take your objectives, financial situation or needs into account. Check the figures with a licensed professional before making a decision.
Related calculators
- Loan Comparison CalculatorCompare two home loans side by side, including fees and intro rates.
- Comparison Rate CalculatorUse interest rates and fees to compare the true cost of different loans.
- Home Loan Offset CalculatorEstimate how much interest you'll save by using your savings to offset your home loan.
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