Mortgage Refinancing Calculator
Use our refinancing calculator to compare home loans and estimate your savings.
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Home loan refinancing involves switching your existing mortgage to a new package, typically with a different bank, to secure better terms. This strategic financial move allows Singapore property owners to optimize their home loan through lower interest rates, restructured loan tenures, or switching between fixed and floating rate packages.
Whether you own an HDB flat or a private property, refinancing at the right time—usually after your initial lock-in period ends—can significantly impact your monthly cash flow and generate substantial long-term savings.
- Rate Optimization: Secure a lower interest rate to reduce monthly repayments and total interest over the loan term.
- Loan Restructuring: Adjust your loan tenure to either lower monthly payments (longer tenure) or reduce total interest (shorter tenure).
- Rate Type Flexibility: Switch between fixed and floating rate packages based on interest rate projections and your risk preference.
- Bank Transfer Advantage: Unlike simple repricing (changing packages within the same bank), refinancing with a different financial institution often provides more competitive terms and significant savings.
Our refinancing calculator provides clear estimates of potential savings when switching to a new home loan. Simply enter details about your current loan amount, interest rate, and remaining tenure to receive:
- Estimated monthly savings - See the immediate impact on your cash flow
- Potential reduction in total interest paid - Understand your long-term savings
- Comparison between current and potential loan packages - Make informed decisions based on clear data
This comprehensive tool helps you quickly determine if refinancing makes financial sense based on your unique loan situation and current market conditions.
There are several compelling reasons Singapore homeowners choose to refinance their home loans:
Lower Interest Rates
Banks frequently offer promotional rates that are lower than what's available on existing loans, especially after the lock-in period ends. Even a small reduction in interest rate can lead to substantial savings over time.
Flexible Loan Terms
Refinancing allows you to extend or shorten your loan tenure, depending on your financial needs. Extend to reduce monthly payments or shorten to minimize total interest and achieve debt-free status sooner.
Switching Between Rate Types
Some borrowers prefer the stability of fixed rates, while others may benefit from floating rates when interest rates drop. Refinancing gives you the flexibility to adapt to changing market conditions.
Cash-out Refinancing
Compared to most other loans in Singapore, mortgage interest rates are generally lower. For eligible private properties, this allows you to borrow against your property's value and use the funds for higher-cost needs such as education, or investments to obtain a higher yield.
Refinancing HDB Loans
Many flat owners switch from an HDB loan to a bank loan for potentially lower interest rates, provided they understand the trade-offs in terms of flexibility and stability.
Every situation is different, which is why the first step is understanding your numbers — and that's exactly what the calculator helps with.
Use our refinancing calculator to see how much you could save by switching your home loan package.
Refinancing can be beneficial, but it also comes with important considerations like fees, timing, and loan conditions. That's why our approach goes beyond the calculator.
Get a customized assessment based on your loan balance, property type, and financial goals to find the optimal refinancing strategy.
Access the most competitive refinancing rates in Singapore from top banks through our extensive network and partnerships.
We do not charge any service fees to our clients. All banks pay us the same standard fee for the work we do.
Receive clear, unbiased advice on whether refinancing makes sense for your situation, even if the recommendation is to stay with your current loan.
Let our mortgage brokers analyze your current loan and identify potential savings through refinancing. Our advice is always tailored to your unique financial situation and goals.
Book Your Free ConsultationFrequently Asked Questions About Home Loan Refinancing in Singapore
It's a good time to refinance when your lock-in period is ending or if you're paying a higher interest rate than what the market currently offers. You should also consider refinancing if you're planning a major change, like a property sale, cash-out, or reducing your loan tenure. Always compare costs and savings before making the switch.
Repricing involves adjusting the interest rate of your existing home loan with the same bank, typically to a lower rate, without taking out a new loan. Refinancing, on the other hand, involves switching your existing mortgage to a new loan, often with a different lender, to secure better terms such as lower interest rates, longer tenure, or different repayment structures.
Yes, you can still refinance your home loan even if you have a personal loan. Banks in Singapore will assess your overall Total Debt Servicing Ratio (TDSR) — which includes all monthly debt obligations like credit cards, car loans, and personal loans — to determine your refinancing eligibility.
If you're unsure whether your current debt level affects your chances, try our Home Loan Eligibility Calculator to get an instant estimate based on your income and existing loans.
If the property is being used for your own stay, you may also qualify for a waiver of TDSR requirements.
Speak to us here to find out more!
Potential fees involved in refinancing a home loan include legal fees and valuation fees.There may also be additional cost involved such as subsidy clawback, speak with a us to find out more.
When you're within the lock-in period, banks charge a 1.5% penalty for full or partial loan repayment. However, some packages may offer a feature that allows limited partial repayment without any penalty.
While uncommon, if the valuation of a property decreases during the refinancing process, it may affect the Loan-To-Value (LTV) ratio, potentially educing the amount that can be borrowed. In such cases, the bank may issue a margin call that requires the borrower to paydown the difference in order to proceed with the refinancing.
Yes, there are subsidies available for refinancing home loans in Singapore. For HDB properties with an outstanding loan above $300,000, many banks offer subsidies to help cover refinancing fees. For private properties, banks typically provide subsidies if your remaining loan exceeds $500,000.
It’s important to note that these subsidies usually have a clawback period of 3 years. If you switch banks or pay off the loan within this period, you may need to return the subsidies in full.