💡 Considering refinancing?
When to refinance?
Refinancing typically makes sense when interest rates drop by at least 0.5%, you have significant remaining tenure, and you plan to stay in the property long enough to recoup refinancing costs.
1 of 3
Monthly Savings
$0
Higher payment
Net Savings
$0
Over 20 years
Break-even Period
0 months
0.0 years to recover costs
Consider Carefully
Based on current inputs, refinancing may not provide significant savings after accounting for costs. Consider negotiating better rates or waiting for more favorable market conditions.
Current Loan Details
$500,000
$100,000$3,000,000
3.50%
1.00%6.00%
20 years
1 years30 years
New Loan Details
2.50%
1.00%6.00%
20 years
1 years30 years
Refinancing Costs
$2,500
$0$5,000
$500
$0$2,000
$1,000
$0$3,000
0
$0$20,000
Analysis & Comparison
Cost Comparison
Cumulative Savings Over Time
Break-even point: 0 months (0.0 years)
Detailed Comparison
| Item | Current Loan | After Refinance | Difference |
|---|---|---|---|
| Monthly Payment | $0 | $0 | $0 |
| Total Interest | $0 | $0 | $0 |
| Total Payment | $0 | $0 | $0 |
| Refinancing Costs | - | $0 | -$0 |
| Net Savings | - | - | $0 |
When Refinancing Makes Sense
- • Interest rate difference of at least 0.5%
- • Significant remaining loan tenure (10+ years)
- • Break-even period under 3 years
- • No lock-in penalties or they're minimal
- • Planning to stay in property long-term
Important Considerations
- • Check current loan's lock-in period and penalties
- • Compare packages from multiple banks
- • Consider repricing with current bank first
- • Factor in time and effort for refinancing
- • Review new loan's terms and conditions