Compare your existing mortgage with a proposed refinance
Refinance Break-Even Calculator
Use this calculator to compare estimated repayments, fees, refinancing costs and total interest for your current mortgage and a proposed refinance.
The proposed loan term initially matches your current remaining term for a more comparable assessment. You can change the proposed term, but extending it may reduce the required repayment while increasing the total interest and time spent in debt.
The results are estimates only. They do not constitute a lender quotation, credit assessment, refinancing recommendation or guarantee of savings.
LNL FINANCE
Refinance Break-Even Calculator
Compare your current mortgage with a proposed refinance, including repayments, fees, switching costs and loan terms.
Example rate notice: The default interest rates and costs are examples only. They are not LnL Finance rates, lender quotations or lending offers. Enter figures relevant to the scenario you want to compare.
ESTIMATED COMPARISON
Current loan and proposed refinance
CURRENT HOME LOAN
Estimated monthly repayment
$3,376.04- Remaining term
- 25 years
- Estimated remaining interest
- $512,810.74
- Estimated annual fees over term
- $0.00
- Estimated total future cost
- $1,012,810.74
PROPOSED REFINANCE
Estimated monthly repayment
$3,160.66- Proposed term
- 25 years
- Estimated total interest
- $448,197.12
- Estimated annual fees over term
- $0.00
- Estimated net switching cost
- $2,000.00
- Estimated total future cost
- $950,197.12
The proposed required repayment is estimated to be lower.
Based on the estimated net switching cost and recurring monthly cash-flow difference.
Includes estimated interest, annual fees and net upfront switching costs.
Calculation assumptions
- Both loans use principal-and-interest repayments.
- Repayments are calculated monthly.
- Interest rates remain unchanged for each selected term.
- The current balance is also the proposed refinance balance.
- Annual fees remain unchanged for each selected term.
- Net switching cost equals entered upfront costs less entered cashback, but cannot be less than zero.
- Offset balances, redraw activity, future rate changes, tax effects and lender-specific daily calculations are excluded.
This calculator provides estimates only. It does not constitute credit, financial, legal or taxation advice, a lender quotation or a refinancing recommendation. Actual repayments and costs may differ because of lender calculation methods, fees, rate changes, repayment timing, loan features and individual circumstances. A lower required repayment does not necessarily mean the proposed refinance costs less overall.
Want a personalised refinance review?
LNL Finance can review your existing mortgage, approach your current lender where appropriate and explain suitable refinancing options available through our accredited lender panel.
Explore Home Loan Refinancing Request a Home Loan Review
How to Read the Result
A lower proposed repayment may result from:
A lower interest rate
A lower annual fee
A longer loan term
A combination of these factors
Review both the monthly cash-flow difference and whole-of-term cost difference.
A refinance with a lower monthly repayment may still cost more overall if the loan is extended for additional years.
Costs to Include
Potential refinancing costs may include:
Existing lender discharge fee
Fixed-rate break cost
New lender application fee
Property valuation fee
Settlement or legal cost
Mortgage registration charge
Lender’s mortgage insurance
Annual package fee
Costs associated with changing linked accounts
Use written estimates where available.
Cashbacks and Rebates
A cashback may reduce the effective upfront switching cost, but it should not be considered in isolation.
Check:
Eligibility requirements
Minimum loan amount
Settlement deadline
Payment timing
Clawback provisions
Ongoing fees
Interest rate
Loan features
Total estimated cost
Frequently Asked Questions
-
No. The repayment may be lower because the proposed term is longer. Compare total estimated interest, fees and switching costs.
-
The break-even period estimates how long a positive monthly cash-flow difference may take to recover the entered net switching cost.
-
Only if you manually include the estimated premium in upfront refinancing costs.
-
No. Changing offset balances are not modelled.
-
Only if you enter an estimated break cost in the upfront refinancing costs.
-
No. Cashback eligibility, timing and conditions depend on the lender and offer.
-
No. It provides a mathematical estimate only. Suitability depends on the complete loan, costs, features and individual circumstances.