Refinance Break-Even Calculator
Work out whether refinancing pays once switching costs are counted, and how many months it takes to break even. Also shows what resetting to a fresh 30-year term really costs.
Your details
Set this to the remaining term to avoid restarting the clock
| Current repayment | $4,164 |
| New repayment | $3,977 |
| Annual saving | $2,254 |
| Switching costs | $1,000 |
| Less cashback | $0 |
| Net cost to switch | $1,000 |
| Total interest if you stay | $649,330 |
| Total interest if you switch | $592,974 |
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Frequently asked questions
Should I ask my current lender first?
Yes. Repricing costs nothing and lenders frequently match a competitor to retain you. The gap between new-customer and existing-customer pricing is often worth more than a rate move.
What is a mortgage prisoner?
A borrower meeting their current repayments who cannot pass another lender's buffered assessment, so they cannot move to a cheaper loan. Some lenders apply a modified assessment for like-for-like refinances.
General advice warning: This calculator provides general information only. It does not take into account your objectives, financial situation or needs, and it is not personal credit or financial advice.
Results are estimates based on the inputs and assumptions shown. Any interest rate used is an example and is not an offer of credit. Speak to a licensed credit representative before acting on these figures.