Refinancing Calculator

Decide whether or not you should refinance your current home loan at a lower interest rate.

This calculator calculates your new monthly payment and the net interest savings, as well as the number of months it will take to break even on the refinancing costs.

Current Home Loan Information
Principal balance of home loan (payoff amount):	R
Monthly home loan repayment amount:	R
Current interest rate:			%
Refinancing Home Loan Information
Refinancing interest rate:			%
Number of years refinancing for:
Enter the closing costs that will be required for refinancing, calculating the following, if applicable:
Home loan cancellation fee	R
New home loan registration and penalty fees	R
Summary of current plan
Principal balance of home loan (payoff amount)	R
Monthly home loan payment	R
Interest rate			%
Number of outstanding monthly payments
Total interest over the remaining period	R
Summary of your refinanced plan
Principal balance of home loan (payoff amount)	R
Monthly home loan payment	R
Interest rate			%
Number of outstanding monthly payments
Total interest over the new financing period	R
Comparison of two plans
Closing costs required for refinancing	R
Number of months at which amortisation is accelerated
Monthly savings	R
Number of months to break even on closing costs
Total refinancing savings on interest over remaining period	R
Net refinancing savings (interest savings less closing costs)	R

Assumptions

Interest rates are yearly rates, compounded monthly.
Home loan repayments are made monthly in arrears.
Closing costs are not included in the monthly payments.

* Please note that the produced results are strictly estimates and are for illustrative purposes only and no legal reliance can be placed on such results. Three By Two Financial Services will not be held responsible for any error.