HomeLoansCalculator.au

Refinance Cost Calculator

Refinancing means replacing your current home loan with a new one, with your current lender or a different one. A lower rate can cut repayments, but switching has costs and a longer term can add interest.

Enter your current loan and the new rate and term to see how repayments and total costs compare.

Rates checked on

Rates checked on 

A longer term lowers repayments but can add interest.

Ask your current lender. Use 0 for a variable loan.

For example government registration fees and valuation.

Switching costs
$1,250
Monthly repayment change: lower by
$157
Current repayment
$3,470 a month
New repayment
$3,314 a month
Break-even on switching costs
8 months (rounded up to whole months)
Interest left on the current loan
$541,108
Interest on the new loan
$494,145
Total cost over the loan: less by
$45,713

Total cost compares all interest left on each loan, plus the switching costs. Rates are assumed to stay the same.

This is an estimate based on the numbers you entered and the assumptions listed below. It isn't an offer of credit or an assessment of what a lender will approve. Figures checked on 29 October 2026.

Read the guide: Refinancing costs: when switching home loans pays off

How it works

The calculator works out the monthly principal-and-interest repayment on your current loan over the years you have left, and on the new loan over the new term.

The break-even point is the switching costs divided by the monthly saving: the number of months until the lower repayments have covered what it cost to switch.

The total cost compares all the interest left to pay on each loan, plus the switching costs. If you add the costs to the new loan, interest on them is included too.

Assumptions

  • Both rates stay the same for the whole term.
  • Monthly repayments and principal-and-interest loans only.
  • Switching costs are entered by you. Typical costs include a discharge fee on the old loan, government fees to register the change, any application or settlement fee, and a break cost if you leave a fixed rate early.
  • Lenders mortgage insurance is not included. You may need to pay it again if you borrow more than 80% of the property value with a new lender.

Questions people ask

Does a lower repayment always mean I save money?

No. If the new term is longer than the years left on your current loan, repayments can fall while the total interest rises. Compare the total cost as well as the repayment.

Can I ask my current lender for a lower rate?

Yes. Many people ask their current lender to review their rate before they switch. It costs nothing to ask.

What is a break cost?

A fee some lenders charge if you pay off a fixed rate loan before the fixed period ends. It can be large if rates have fallen since you fixed. Ask your lender for a figure before you decide.

Sources

Checked 29 October 2026. Official pages can change; check them before you rely on a figure.