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MortgageSMART™by Emanate Finance
MortgageSMART™ tool
Mortgage Refinance Savings Calculator
General information only — illustrative modelling, not credit assistance or an offer of finance. Actual outcomes depend on your circumstances, lender policy, rates and fees.
The cheapest rate isn't always the cheapest mortgage.
Most refinance calculators compare two monthly repayments and stop there. That hides the two things that decide whether a switch is actually worth it: the term the new loan runs for, and what it costs you to move.
This one runs the comparison across your remaining term, subtracts the switching costs, and shows what happens if you keep your current repayment on the new rate instead of taking the drop.
Free calculator · No personal details required · Does not impact your credit score
Compare your loan with a new one
The honest comparison runs over your remaining term and counts the switching costs.
$520,000
6.84%
24 years
5.94%
$1,200
Discharge, settlement and registration fees. Fixed-rate break costs can be much higher.
- New repayment
- $3,392
- Monthly difference
- $288
- Lifetime interest saved
- $81,685
- Break even in
- 5 months
Currently $3,680 a month.
Lower each month.
After switching costs, over the term modelled.
How long the saving takes to cover the costs.
If you keep paying what you pay now
Holding your repayment at $3,680 on the new rate clears the loan in about 20 years 4 months and costs $375,932 in interest — roughly $163,921 less than staying put. That's usually the version worth doing.
Illustrative estimate based on the figures you entered. Actual outcomes may vary — the assumptions behind it are at the bottom of this page.
The reset trap
Why a lower repayment can cost you more
A refinance is a new loan. Unless you ask otherwise, it starts a new 30-year term — and those first years are the interest-heavy ones all over again. Someone eight years into a mortgage who refinances to a rate half a per cent lower, on a fresh 30-year term, can end up paying tens of thousands more in total while feeling better every month.
The fix is simple and usually free: ask for the new loan to be set to your remaining term, or keep making your old repayment on the new rate. The calculator above shows both versions side by side.
Good reasons to refinance that have nothing to do with the rate
Restructuring. Splitting the loan, adding an offset, or setting the term deliberately rather than accepting the default.
Consolidating expensive debt. Moving high-rate debt into a mortgage lowers the rate but stretches the term, so it only works when the repayment is maintained rather than reduced. There are real risks here worth understanding before you act.
Accessing equity. For renovations or an investment, where the purpose justifies the cost.
Escaping a product that no longer fits. Loyalty pricing, features you pay for and never use, or a lender whose policy has moved away from your situation.
See the whole picture
Refinancing is one lever. There are usually several.
MortgageSMART™ looks at your rate, structure, remaining term, other debts and equity together, then shows what each is costing you.
Two minutes · no documents · does not impact your credit score
Common questions
Refinancing questions we're asked most
Why does keeping my remaining term matter so much?
Because a new loan defaults to a fresh 30-year term. If you're 8 years into a 30-year loan and refinance back to 30 years, your repayment drops — but you've added 8 years of interest to a debt you'd already partly retired. That extra interest frequently exceeds the saving from the lower rate. Most lenders will set the new loan to your remaining term if you ask.
What does it cost to refinance?
Typically a discharge fee from the outgoing lender, a settlement or establishment fee and government registration fees at the new lender, and sometimes a valuation fee. Fixed loans can attract break costs, which are calculated by the lender and can be substantial. Many lenders waive or absorb parts of this.
How long until refinancing pays for itself?
The break-even figure in the calculator divides your switching costs by your monthly saving. Under a year is common on a meaningful rate difference; if it stretches past two or three years, the case usually rests on something other than the rate — restructuring, consolidating debt, or accessing equity.
Will refinancing hurt my credit score?
A formal application creates a credit enquiry, which is visible to other lenders for a period. Multiple applications in a short window can read poorly. Reviewing your options doesn't create an enquiry — only lodging an application does.
Is a lower rate always worth switching for?
No. A slightly lower rate on a longer term, with higher fees, or with features you lose can leave you worse off. The number worth comparing is the total cost to clear the debt, not the monthly repayment or the headline rate.
What clients say
148 Google reviews · rated 5.0
Want us to check whether switching is actually worth it?
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