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  1. Home
  2. Refinancing
  3. Refinancing Calculator

Refinancing Calculator

Feel like you’re overpaying on mortgage interest?

Start comparing the best home loan rates in Singapore and refinance your home loan to enjoy greater savings monthly. By using our Mortgage Calculator, you’ll be able to find out how much you can save in a snap.

What type of property are you refinancing?

Estimated savings

S$ __

Looks like you have not used the calculator yet. Please tell us a few details about yourself and the property.

Best Fixed Rate Package

Monthly Instalments Year 1

Interest Rate Year 1

NaN%

Lock-in Period

year

Rate Type

Fixed

Best Floating Rate Package

Monthly Instalments Year 1

Interest Rate Year 1

NaN%

Lock-in Period

year

Rate Type

Floating

Rates and fees as of June 25

These home loan recommendations are based on the information entered above. The results do not include other factors such as lock-in period. To learn more about your true savings, get in touch with one of our mortgage specialists.

When should I refinance my home loan?

Usually, the minimum notice period required by the bank is 3 months before the end of the lock-in period. This provides sufficient time to process the transition and avoid penalty fees.

Book a call

A MoneySmart Mortgage Specialist will be contacting you to help you secure the best home loan in town.

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A MoneySmart Mortgage Specialist will be contacting you to help you secure the best home loan in town.

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Frequently Asked Questions

What does refinancing your home loan mean?

Refinancing means ending your existing home loan package with your current bank and carrying on your repayments with another bank that offers a better loan package.

Is refinancing the same thing as repricing?

Repricing a home loan is similar to refinancing except that when you do repricing, you stay with the same bank and switch to a new loan package that they offer you.

What is the cost of refinancing?

Whenever you want to refinance, you’ll have to pay legal costs and valuation fees which could total around $2,000 to $3,000. In addition, some banks have a lock-in clause that lasts from 2 - 5 years. If you refinance within the lock-in period, you will be charged a penalty fee, typically about 1.5% of your outstanding loan amount. However, banks can give subsidies for legal and valuation charges incurred in refinancing. If your loan amount is above $300,000 (for HDB) or $500,000 (for private property), your new bank would subsidize approximately $1,800 and $2,000 respectively. Subsidies can go higher if your loan amount is ”big”.

How to refinance home loan Singapore?

Traditionally, you can approach banks and financial institutions individually to get their current home loan rates and bankers can help you refinance. Another way to do it is to call MoneySmart’s mortgage specialists, who will be able to compare home loans from across all the major providers in Singapore and give you a neutral, unbiased recommendation on the best home loan.

When to refinance home loan?

Typically, home loan interest rates spike from the 3rd year. You should always be on the lookout once your lock-in period is over as the best rates given are within the lock-in period. So it makes sense to refinance to another home loan package at that time to avoid high interest rates.

Does refinancing hurt credit score?

Refinancing does not really hurt your credit score, payment history and promptness affect the credit score. If you are refinancing your mortgage loan every 2-3 years and making repayments consistently after refinancing, there should not be a negative impact.
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