Break Cost Estimator

Estimate if breaking your fixed rate mortgage could save you money

Note: This calculator provides estimates only. Actual break costs are calculated by your bank based on wholesale rates and can vary significantly. Always get an exact quote from your lender before making decisions.

Current Loan Balance

Current Fixed Rate (%)

New Rate Available (%)

Months Remaining on Fixed Term

Estimated Break Cost

Ask your bank for an exact quote. Break costs vary significantly.

Cash Contribution from New Bank

Estimated at 0.85% of lending ($4,250). Ask your broker about current cash incentives.

Solicitor's Cost

Solicitor costs may increase with additional complexities.

Breaking Could Save You

$3,535

Over remaining 18 months

Net Cost to Refinance

$2,250

Break Cost:$5,000

Solicitor:$1,500

Cash Back:-$4,250

Current Payment

$3,160/mo

New Payment

$2,839/mo

Savings Analysis

Monthly Savings$321

Annual Savings$3,857

Break Cost Payback7.0 months

When to Consider Breaking

• Rates have dropped significantly since you fixed
• You have a long time remaining on your fixed term
• Monthly savings exceed break cost over remaining term
• You're selling the property anyway

Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Actual loan terms, rates, and eligibility may vary. Please contact a Mortgage Lab adviser for personalised advice.