Continue your plan
Useful next calculations
When to use this calculator
- Before comparing mortgage products, brokers or repayment types.
- When you want to test how a different deposit, rate or term changes the payment.
- When you need a quick estimate before using a formal illustration or agreement in principle.
- When you are stress-testing your budget against a higher rate.
A realistic Australia planning example
Use these sample inputs as a quick scenario test, then change one variable at a time to compare outcomes.
| Input | Value |
|---|---|
| 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. Then rerun the tool with one input adjusted.
How to read your results
Monthly Saving
The figure produced by this output for the inputs you entered. Change one variable at a time if you want to see what drives it.
Break-even
The figure produced by this output for the inputs you entered. Change one variable at a time if you want to see what drives it.
New Payment
The figure produced by this output for the inputs you entered. Change one variable at a time if you want to see what drives it.
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
- !Mixing up loan amount and property value, which distorts affordability and LTV.
- !Using a headline rate but forgetting fees, insurance or repayment type.
- !Testing only one term length instead of comparing payment and total cost together.
- !Treating the result as a lender decision rather than a planning estimate.
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.
Frequently asked
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