Mortgage Refinancing Calculator Singapore
Compare your current home loan with a new rate or tenure: see the monthly saving, the one-off costs, how many months it takes to break even and the total interest you save.
Keep it equal to the remaining tenure to compare like for like. A longer tenure lowers the instalment but usually raises the total interest.
Legal, valuation and any other one-off costs, after any subsidy the bank gives. Take the figures from the bank’s offer.
Check your current loan letter. Enter 0 if your lock-in has ended.
Refinancing comparison
Refinancing saves money overall on these numbers, and the one-off costs are paid back in about 17 months.
Both loans are compared over their own full term from today, using a standard monthly-rest instalment. A bank’s own figures can differ slightly. Not financial advice.
About this mortgage refinancing calculator
Refinancing replaces your home loan with a new one, usually to get a lower rate or a different tenure. It only pays off if the savings outlast the one-off costs: legal and valuation fees, plus any early repayment or lock-in penalty on the loan you are leaving.
Enter your outstanding balance and remaining tenure, the rate you pay now and the rate you are offered, and the costs from the bank’s letter. The calculator shows both monthly instalments, how much you save each month, how many months it takes to cover the costs and the total saving over the loan term. All the calculation runs in your browser.
How to use it
- Enter your current loan: outstanding balance, rate and remaining years.
- Enter the new offer: rate and tenure. Keep the tenure the same to compare like for like.
- Add the one-off costs: fees and any penalty. Use 0 for a cost that does not apply.
- Read the verdict. Compare the break-even months with how long you expect to keep the loan.
Key terms and concepts
Break-even is the number of months of savings needed to cover the one-off costs. If you sell or refinance again before then, you lose money.
Lock-in period is a stretch in which repaying or switching the loan can cost a penalty. Your loan letter states it.
Tenure is the length of the loan. A longer tenure lowers each instalment but spreads interest over more months.
Common use cases
- Checking whether a new bank package is worth the legal fees.
- Seeing how long a lock-in penalty takes to recover.
- Comparing a lower instalment from a longer tenure with the extra interest it costs.
- Testing a higher rate to see how much headroom you have.
Examples
Example 1: a lower rate. A S$500,000 balance at 3.5% over 25 years costs S$2,503.12 a month. At 2.8% it is S$2,319.37, a saving of S$183.75 a month. With S$3,000 of fees you break even in 17 months and save S$52,123.61 over the term.
Example 2: a higher rate. At 3.6% the instalment rises to S$2,530.01, so there is no monthly saving and no break-even.
Example 3: a longer tenure. At 3.0% over 30 years the instalment falls to S$2,108.02, but with S$3,000 of fees and a S$10,000 penalty you pay S$20,951.91 more in total.
Important notes
Not financial advice. Confirm every figure in the bank’s offer letter.
Your own numbers. This tool holds no rates or fees: it only works with what you enter.
Floating rates change. If your rate moves with a benchmark, run the calculator again with a higher rate to see how much room you have.
Frequently asked questions
How do I know if refinancing my home loan is worth it?
Compare the monthly saving with the one-off costs. Divide the costs by the monthly saving to get the break-even months, and check that you will keep the loan at least that long.
What costs should I include?
Legal and valuation fees, plus any early repayment or lock-in penalty on your current loan. Subtract any subsidy the bank gives. Use the figures in the bank’s offer and your current loan letter.
Why does a longer tenure show a lower instalment but a higher total cost?
Spreading the same balance over more months lowers each instalment but adds more months of interest, so the total paid is usually higher.
How is the monthly instalment calculated?
With the standard amortisation formula on a monthly rest: the annual rate divided by 12, applied to the balance over the number of months. A bank’s figure can differ slightly.
Is my data sent anywhere?
No. The calculation runs in your browser, so the numbers you enter are not sent to a server by this tool.