Is refinancing worth it?
Compare your current loan with a new offer, switching costs included, and see how many months it takes to pay off.
An estimate, not an offer or a recommendation. Actual terms depend on the bank and on your situation.
How it's calculated
We work out the current payment from the balance, rate and remaining term, then the payment on a new loan for the same balance. The switching cost is the early repayment fee plus the new loan's setup costs.
The total saving compares everything you still have to pay under each option. The break-even point shows after how many months the difference in payments covers the switching cost. If you plan to sell or repay before then, refinancing isn't worth it.
Watch the term: a lower payment achieved only by stretching the loan can mean a higher total cost.