Refinance Calculator
See what refinancing your home loan could save. Enter your current mortgage and rate to estimate your new repayment, the monthly saving, and the break-even point where switching pays for itself.
Stryve Refinance Calculator
My Loan Details
Discharge, application, valuation, settlement - typically $550-$1,800
Estimates your LVR - above 80% LVR, refinancing usually means paying LMI
Current repayment
$2,918/mo
at 5.75%
Estimated new repayment
$2,805/mo
at 5.39% (est.)
Estimated switching cost
$900($550-$1,800)
Break-even
~8 months
New comparison rate (est.)
5.52%
New interest rate (est.)
5.39%
Estimates only.
Worked example
Say you owe $500,000 on your home loan with 30 years remaining, paying 5.75% principal and interest. Refinancing to a competitive 5.39% would drop your repayment from about $2,918 to $2,805 a month - a saving of around $113 a month, or $1,360 a year. With typical switching costs of $900, you'd break even in about 8 months and bank the saving from then on.
Should I Refinance My Home Loan?
Refinancing is worth it when what you save outlasts what it costs to switch. This mortgage refinance calculator runs that test on your own numbers: it compares your current home loan repayment with the repayment at a new rate, shows the monthly and annual saving, and divides your switching costs by that saving to find your break-even point - the month you start coming out ahead. From there the decision is simple: if you'll keep the loan well past break-even, refinancing pays; if the saving is marginal or the costs are large, it may not. Everything is modelled for Australian home loans, including LVR and Lenders Mortgage Insurance when you refinance above 80% of your property's value.
How to calculate if refinancing is worth it
The test is break-even: your total cost to switch divided by your monthly saving. In the worked example above, refinancing a $500,000 loan from 5.75% to 5.39% saves about $113 a month, so $900 of switching costs are recovered in about 8 months. Under 12 months with a long hold ahead is a clear win; past 24 months the saving is usually too thin to justify the paperwork. One trap to avoid: stretching your remaining term back out to 30 years drops the monthly repayment but can wipe out the interest saving entirely, so set the calculator's remaining years to what's actually left on your loan.
The costs of refinancing a home loan
A typical refinance costs $550 to $1,800 upfront: a discharge fee from your current lender, plus application, valuation and settlement fees from the new one. Two costs can be much bigger. If you're on a fixed rate, break costs can run to thousands - always ask your lender for a payout figure first. And if your new loan is more than 80% of your property's value, you'll usually pay Lenders Mortgage Insurance again, even if you paid it when you first bought. Our guide to refinance costs breaks each fee down in detail.
How your equity and LVR affect refinancing
Your loan-to-value ratio (LVR) - your loan balance divided by your property's current value - decides both the rate you're offered and whether LMI applies. Below 80% LVR you get the sharpest pricing and no LMI; above it, lenders charge more and add an LMI premium that can erase years of rate savings, which is why the calculator asks for your property value and folds the LMI estimate into your break-even. Rising property values work in your favour: equity you didn't have at purchase may now put you under the 80% line, or support a cash-out refinance for renovations or investing. Our guide to calculating your LVR for refinancing shows how to estimate your property's value realistically.
Refinancing, your credit score and next steps
Using this calculator doesn't touch your credit file - it runs entirely in your browser. An actual refinance application involves a credit enquiry, which can have a small, temporary effect; the thing to avoid is lodging applications with several lenders in quick succession, which is exactly what a broker helps you sidestep by matching you to the right lender first. Once you know your saving, our Loan Repayment calculator shows what extra repayments could do at the new rate, and our Borrowing Capacity calculator checks what a lender would let you borrow if you're restructuring or topping up. Or see how refinancing works with Stryve from first call to settlement.
Refinance Calculator FAQs
Want a broker to pressure-test this number?
No obligation. If a sharper structure won't leave you better off, we'll tell you straight.
How to read your numbers
A marginal saving means look past rate
If the saving is small, the lowest rate isn't the point - lender fit, redraw, offset and how the loan handles extra payments matter more. Chasing the sharpest rate for a few dollars a month rarely pays off.
Watch the loan term
Stretching back out to 30 years drops the monthly repayment but can erase the interest saving. Set "years remaining" to what's actually left on your loan - not a fresh 30 - unless you genuinely need the lower repayment.
Break-even is the whole decision
Your switching costs divided by your monthly saving gives the month you start coming out ahead. Under 12 months with a long hold is a clear win; past 24 months the saving is marginal and barely worth the paperwork.
This is an estimate, not a quote
It assumes a constant rate and standard costs. Your real rate depends on your equity, credit profile and lender pricing. Treat it as a planning tool - and if switching won't leave you better off, we'll tell you straight.
