refinance calculator for singapore home loan

Refinance Calculator

Estimate your savings with our refinance calculator for your existing mortgage. Calculate the net savings in monthly payment and the total interests over the entire tenure.

Why refinance your home?

Refinancing means taking a new home loan to pay off your current home mortgage.

Before refinancing, borrowers should consider their financial situation over the next three to five years. You should ask yourself whether flexibility (no lock in), a lower interest or predictable interest is the goal. It is also wise to consider if there will be any significant changes to your financial situation. Eg: a change in job, a new child or plans to sell the property.

When should you refinance your home?

Around every three years should be a good time to fully reassess your home loan. Majority of loans will default to their thereafter rates after the third year. Moreover over the years, loan packages may have improved, and there might be a better deal out there. If you have a lock in period on your current loan, it would be a good idea to start looking to refinance your home loan at least three months prior expiry.

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Which Home Loan Type Should I Choose?

The type of home loan may affect your monthly payments and interest rate. Here’s a look at the pros and cons of some common loan types.

Fixed Rate

Suitable for:Homeowners who prefer stable payments.

Features:Usually rates are fixed for the first few years. Thereafter it will be a variable rate. Commonly there will be a penalty for partial or full redemption during the lock-in period.


Suitable for:Homeowners who are comfortable with changing payments.

Features:Commonly use rates are 1M or 3M SIBOR. Rate is transparent and can be found in papers. Provide a lot of flexibility in terms of repayment.

Fixed Deposit Rate

Suitable for:Homeowners who prefer some stability in their monthly payments.

Features:Uses the bank’s fixed deposit rate as a benchmark. Rates are priced internally by the respective bank.Usually there is a lock-in period.

Board Rate

Suitable for:Homeowners who prefer some stability in their monthly payments.

Features:Uses the bank’s board rate as a benchmark. Rates are priced internally.

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