Refinance Comparison Calculator
Last updated 2026-02-24
Should you refinance?
The Refinance calculator in Plan > Calculators helps you compare your current mortgage against a new rate, factoring in switching costs so you can see exactly when refinancing pays off.
What you'll see
Input your details
Enter your current loan balance, current interest rate, and current monthly repayment. Then enter the new rate you're considering and any switching costs (discharge fees, application fees, settlement costs).
Results
The calculator shows:
- Monthly savings — how much less you'd pay each month at the new rate
- Annual savings — the total savings over a year
- Break-even month — how many months until the savings exceed the switching costs
- Total interest saved — the total interest saved over the remaining loan term
How to use it
- Navigate to Plan > Calculators
- Select the Refinance Comparison calculator
- Enter your current loan details (balance, rate, repayment)
- Enter the new rate and estimated switching costs
- Review the break-even point and total savings
Tips
- Most lenders charge a discharge fee of $150-$350 — check with your current lender
- Don't forget government fees like mortgage registration and transfer costs
- If your break-even is under 12 months, refinancing is usually worth considering
- Compare the results with the Rate Impact Calculator to see the broader effect on all your loans
- Even small rate differences add up significantly over a 25-30 year loan term