Refinance Calculator

Yes — some banks offer a rate review or internal refinance that can avoid the early settlement fee entirely, though the new rate may not be as competitive as switching banks. Worth asking your current bank before assuming you have to move.

The new bank will typically charge its own processing fee (usually 0.5–1% of the new loan), and you may need a new property valuation. Both are excluded from the estimate above — ask your advisor for the exact figures before committing.

Not unless you ask for it to. Most lenders will match your remaining term by default, but you can choose to extend it for a lower monthly payment — which usually increases the total interest paid, even at a better rate.

Not always. If you only have a year or two left on your current loan, the settlement fee and new processing costs can outweigh a small rate improvement. This calculator's breakeven point tells you exactly when it stops making sense.