Compare your current loan with a cheaper one: new payment, total saving after fees and when the switch pays off.
Figures checked: October 2026 · Methodology and sources
Same term for both loans. Check early repayment fees in your current contract.
Refinancing replaces your loan with a cheaper one. To know whether it pays off, compare the payments for the same remaining amount and term at both rates, and subtract what switching costs: fees, early repayment charges and new contract costs.
The calculator also shows after how many months the monthly saving has paid for those costs.
Early repayment fees on the old loan, opening fees on the new one and any administration costs.
If you can afford a similar payment, a shorter term at the lower rate saves even more interest.
Yes, add up what you owe and use an average of the current rates; watch out for a longer term that lowers the payment but raises the total.
Indicative results. This is not financial advice.
Know how much you will have left at the end of the month
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