Example result based on the prefilled values.
Monthly Saving
A$169.39
Break-even
9.00 months
New Payment
A$948.97
Continue your plan
Useful next calculations
When to use this calculator
- Before comparing lenders, brokers, or repayment options.
- When you want to test how a different deposit, rate, or term changes affordability.
- When you need a quick estimate before using a formal quote or agreement in principle.
- When you are stress-testing your budget against a potential rate rise to see the impact on monthly payments.
- When you want to understand the full cost of borrowing — not just the monthly figure — before you commit.
A realistic Australia planning example
Use these sample inputs as a quick scenario test, then change one variable at a time to compare outcomes.
Current Balance (A$)
A$1,400
Current Rate (%)
5%
New Rate (%)
5%
Remaining Term (Years)
25 years
After entering these figures, review monthly saving, break-even and new payment together rather than in isolation — each metric tells a different part of the story. Then rerun the tool with one input adjusted to see which variable has the biggest effect on all three outputs before you settle on a plan.
How to read your results
Monthly Saving
Use this metric to compare scenarios side by side and understand how changes in the key inputs drive the final outcome. If the figure surprises you, isolate one variable at a time and rerun the calculation to identify which assumption is responsible.
Break-even
Use this metric to compare scenarios side by side and understand how changes in the key inputs drive the final outcome. If the figure surprises you, isolate one variable at a time and rerun the calculation to identify which assumption is responsible.
New Payment
Use this metric to compare scenarios side by side and understand how changes in the key inputs drive the final outcome. If the figure surprises you, isolate one variable at a time and rerun the calculation to identify which assumption is responsible.
Method & assumptionsAuthoritative sources
This calculator estimates your potential savings from switching to a new mortgage deal by comparing the total interest payable under your current rate against a proposed new rate. It takes into account your outstanding balance, remaining term, and the one-off costs of switching — including arrangement fees and early repayment charges. The monthly payment figures are based on a standard capital repayment formula, and the break-even calculation divides total switching costs by the monthly saving. This assumes both mortgages run to the same end date. It does not account for changes in property value, future rate movements on variable products, or any changes in your personal circumstances that might affect eligibility. Always obtain a formal mortgage illustration from a regulated adviser before proceeding.
Common mistakes
- !Using an assumption that is not supported by a current local quote, bill, statement or official source.
- !Treating a generic estimate as a lender, provider, payroll or tax authority decision.
- !Mixing monthly and annual inputs without converting them consistently.
- !Forgetting location-specific taxes, fees, eligibility rules or payroll deductions where they apply.
- !Testing only one scenario instead of checking how a cautious assumption changes the result.
What to do next
- Run a second scenario with a cautious assumption so you can see the downside clearly.
- Compare the result with the related calculators below before making a decision.
- Check current local rules, eligibility and provider terms before applying or committing money.
- Keep a record of the assumptions so you can update the estimate when a quote, bill or pay figure changes.
- Use the result to prepare better questions for a lender, provider, adviser or employer rather than treating it as a final answer.
Frequently asked
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