resources » Finance Calculators » Mortgage Switching Calculator

Mortgage Switching Calculator

Much like the loan comparison calculator, the mortgage switching calculator gives you a general idea of the potential savings associated with switching out your existing home loan for a new one. Many people investigate their options after a number of years in a home loan in terms of looking for a better deal, as many lenders offer attractive discounts and perhaps a special introductory rate for new customers. Of course, consult with your broker to see what the best deals are for you personally before you make any final decisions. This tool is handy to have when comparing two home loans on face value, and may provide a useful indication of the likelihood of securing a more cost-effective deal for your mortgage. All you need to do is enter in your current loan details (including amount, rate, term, repayment frequency, regular fees and end fee), and then enter the introductory term and rate for the new loan, along with the ongoing rate and any fees. The comprehensive results offer a comparison between switching vs. not switching, and the broader financial effects of both.