This calculator will help you to determine the short and long-tem benefits (or otherwise) of refinancing a home loan. Simply enter the details of your existing loan and a proposed loan alternative ... and let the calculator do the rest!

Details of Your Existing Loan:
Original Loan Amount: $
Original Term of Loan (in years):
Current Loan Balance: $
Current Interest Rate:		(per annum)

Your Proposed New Loan:
Your new loan amount:
Your new mortgage term:		(in years)
Your new interest rate:		(per annum)
Your estimated refinancing costs:		(per cent)
How long would you expect to stay in your home after refinancing?
		(in years)

Comparison Scenarios:
Note: Scenario 1 (below) assumes that repayments are adjusted as required to service the new loan. Scenario 2 assumes that repayments are kept the same.
a. Payment Savings Analysis	Scenario 1	Scenario 2
Existing Loan Payment:*
New Loan Payment:*
Monthly Saving/Cost:

*Monthly payment amounts above include principal and interest only. Monthly taxes and insurance are not included.
	Scenario 1	Scenario 2
Principal reduction of existing loan if you DO NOT refinance:

Principal reduction of existing loan if you DO refinance:
Principal reduction of existing loan if you DO refinance:
Gain/Loss from difference in the principal reduction:
Gain/Loss from difference in the principal reduction:

c. Estimated Cost to Refinance:	Scenario 1	Scenario 2
Your estimated refinancing costs:

Total Cost to refinance:

Total Savings/Loss With This Scenario:	Scenario 1	Scenario 2
(a+b+c)

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