Mortgage Refinance Calculator
Compare your current home loan with a new package to see how much you could save each month, over the life of the loan, and how long it takes to break even on refinancing costs.
1-Month Compounded SORA
1.0992%
as of 2026-06-04
3-Month Compounded SORA
1.0579%
as of 2026-06-04
Default 1.66% is a representative floating package (3M SORA + ~0.60% spread) as of 2026-06-04 — set it to the rate you have been quoted.
One-off legal, valuation and any prepayment penalty fees.
Monthly saving
$360.08
Lower repayment with the new 1.66% package.
New monthly repayment
$1,959.76
Lifetime saving (net of cost)
$83,420
Over 20 years, after the $3,000 cost.
Break-even
0 years 8 months
9 months to recover $3,000.
| Metric | Current | New | Difference |
|---|---|---|---|
| Interest rate | 3.50% | 1.66% | 1.84% |
| Monthly repayment | $2,319.84 | $1,959.76 | $360.08 |
| Total interest over remaining tenure | $156,761 | $70,341 | $86,420 |
Compared on $400,000 over 240 months. Total interest assumes you hold each package for the full remaining tenure.
Estimates only. Actual savings depend on your bank's quoted rate, lock-in penalties, legal/valuation fees and TDSR re-assessment. Floating rates change over time and are not guaranteed.
How refinancing a Singapore home loan works
Refinancing means taking a new loan — usually with another bank — to pay off your existing mortgage. You keep the same outstanding balance and remaining tenure, but switch to a package with a lower interest rate or terms that suit you better. Because the outstanding balance is fixed, even a small drop in rate can meaningfully cut your monthly repayment and the total interest you pay.
This calculator recomputes both repayments using the standard amortisation formula, then shows your monthly saving, the net lifetime saving after refinancing costs, and the break-even point in months.
What to weigh before you refinance
Factor in the full cost of switching: legal and valuation fees (banks often subsidise these), and any lock-in or prepayment penalty on your current loan. Refinancing also means re-qualifying under MAS rules, including the 55% TDSR limit. If your break-even sits comfortably within the time you expect to hold the property, the switch is usually worthwhile. To check affordability and compare full repayment schedules, see our mortgage and TDSR calculators.
Frequently asked questions
How does refinancing my home loan save money?
Refinancing swaps your current package for a new one — often at a lower interest rate — on the same outstanding balance and remaining tenure. A lower rate means more of each repayment goes to principal rather than interest, reducing your monthly repayment and the total interest you pay over the life of the loan.
What is the break-even point?
Refinancing usually has one-off costs (legal and valuation fees, plus any lock-in or prepayment penalty on your current loan). The break-even point is how long it takes for your monthly savings to recover those costs: break-even months = refinancing cost ÷ monthly saving. If you plan to keep the property well beyond break-even, refinancing typically pays off.
When can I refinance in Singapore?
Most home loans have a lock-in period (commonly 1–3 years) during which an early redemption or prepayment penalty applies — often around 1.5% of the outstanding amount. Many borrowers refinance once the lock-in ends, or when their fixed-rate teaser period rolls onto a higher thereafter rate. Bank refinancing also requires you to pass TDSR (total debt servicing ratio of 55% of gross income) again.
What rate should I enter for the new package?
The default is a representative floating package priced off the 3-month Compounded SORA plus a bank spread of roughly 0.60%. Use the actual rate your bank or mortgage broker has quoted you. Floating SORA rates move over time, so treat any saving as indicative rather than locked in.