Refinance calculator
Is refinancing worth the move?
The rate is the easy part. This one asks what the switch costs you, then works out how long it takes to get that back.
Current monthly repayment--
New monthly repayment--
Monthly difference--
Months to recover the switching cost--
Break-even is the switching cost divided by the monthly difference. If you plan to sell or move before that point, the move does not pay for itself. Keeping the same end date rather than resetting to thirty years is handled separately, and it changes the answer.
This is an estimate only, based on the figures you enter and on the rate staying the same for the whole term. Real repayments depend on your lender, your loan type, fees, and how rates move. It does not take into account your objectives, financial situation or needs, and it is not financial, tax or legal advice. Credit Representative 541159, authorised under Australian Credit Licence 389328.
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