Refinance Savings Calculator
See how much switching to a lower rate could save you per month and over the life of your loan.
Disclaimer: Estimates only. Does not account for fees, break costs, or other charges. Contact Reficity for a complete cost-benefit analysis.
How Refinance Savings Work
Refinancing works by replacing your existing home loan with a new one — ideally at a lower interest rate. The difference in rate, applied over the remaining loan term, is your potential saving. Even a small reduction of 0.5%-1.0% can translate to hundreds of dollars per month.
When calculating your true savings, it's important to factor in any switching costs such as discharge fees from your current lender, application fees with the new lender, and potentially break costs if you're exiting a fixed rate. In most cases, the long-term savings far outweigh these one-off costs.
Tip: If your current rate is 0.5% or more above what's available in the market, it's almost always worth exploring refinancing options.