Loan refinancing calculator
Check if refinancing can lower your installment or loan cost
How does the refinancing calculator work and how to read the result?
The calculator compares your current loan with new financing terms. It shows the difference in monthly installment, the change in total loan cost, and potential savings after transferring the loan to another bank. Refinancing makes sense when the savings exceed the costs of changing banks. It is worth looking not only at the lower installment but also at commissions, additional fees, and the time after which the change starts to pay off.
Comparing offers
We set your current terms against new bank proposals.
Calculating savings
We show the net profit after considering the costs of transferring the loan.
Deciding consciously
Analyze the payback time and total cost of the loan in the new bank.
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Frequently Asked Questions (FAQ)
Refinancing usually pays off when a new bank offers an interest rate at least 0.5-1 percentage point lower than the current one, or when you want to change the type of installments or shorten the repayment period while maintaining a similar payment.
The transfer itself does not ruin your history, as long as installments are paid on time. However, the refinancing process requires a creditworthiness inquiry. It's important not to do this blindly in many banks at once – an advisor will help you submit an inquiry where you have the best chance for a better offer without unnecessary scoring reduction.
The main costs include the early repayment fee at the current bank (if applicable), mortgage registry entry, property appraisal, and any commission at the new bank. Often, interest savings multiple times outweigh these costs.
The process is similar to applying for a new loan and usually takes 1 to 2 months. It requires a new creditworthiness assessment and a current property appraisal.
With a short remaining repayment period, refinancing costs may be higher than potential interest savings. It is crucial to calculate whether the sum of installments in the new bank plus process costs are lower than what is currently left to pay.