Refinance calculator: the month switching starts to pay
A lower rate is not automatically a saving. This counts the exit fee and the cost of the new loan, then tells you when you are genuinely ahead.
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Your current loan
The new offer
Switching saves you
€21,715
Over the whole life of both loans, with every fee counted.
- Break-even
- Aug 20271 year 8 months
- New instalment
- €928.85−€102.98
- Cost to switch
- €3,000exit fee €1,500
- Interest saved
- €24,715
When switching overtakes staying
Everything paid out, month by month, on each of the two loans
Payment schedule
240 payments, every one of them
| Year | Instalment | Interest | Principal | Extra | Closing balance |
|---|---|---|---|---|---|
| 2026 | €11,146.20 | €6,280.96 | €4,865.24 | — | €145,134.76 |
| 2027 | €11,146.20 | €6,070.12 | €5,076.08 | — | €140,058.68 |
| 2028 | €11,146.20 | €5,850.14 | €5,296.06 | — | €134,762.62 |
| 2029 | €11,146.20 | €5,620.58 | €5,525.62 | — | €129,237.00 |
| 2030 | €11,146.20 | €5,381.12 | €5,765.08 | — | €123,471.92 |
| 2031 | €11,146.20 | €5,131.31 | €6,014.89 | — | €117,457.03 |
| 2032 | €11,146.20 | €4,870.62 | €6,275.58 | — | €111,181.45 |
| 2033 | €11,146.20 | €4,598.65 | €6,547.55 | — | €104,633.90 |
| 2034 | €11,146.20 | €4,314.90 | €6,831.30 | — | €97,802.60 |
| 2035 | €11,146.20 | €4,018.83 | €7,127.37 | — | €90,675.23 |
| 2036 | €11,146.20 | €3,709.94 | €7,436.26 | — | €83,238.97 |
| 2037 | €11,146.20 | €3,387.69 | €7,758.51 | — | €75,480.46 |
| 2038 | €11,146.20 | €3,051.44 | €8,094.76 | — | €67,385.70 |
| 2039 | €11,146.20 | €2,700.64 | €8,445.56 | — | €58,940.14 |
| 2040 | €11,146.20 | €2,334.64 | €8,811.56 | — | €50,128.58 |
| 2041 | €11,146.20 | €1,952.77 | €9,193.43 | — | €40,935.15 |
| 2042 | €11,146.20 | €1,554.33 | €9,591.87 | — | €31,343.28 |
| 2043 | €11,146.20 | €1,138.66 | €10,007.54 | — | €21,335.74 |
| 2044 | €11,146.20 | €704.95 | €10,441.25 | — | €10,894.49 |
| 2045 | €11,146.94 | €252.45 | €10,894.49 | — | €0.00 |
How this decides
Break-even on your whole position, not on the instalment
The usual comparison, the month the new payments drop below the old ones, is wrong whenever the terms differ: paying less each month over more months is not a saving. So each month is scored on cash paid so far plus what is still owed, on both loans, and break-even is the first month the new loan’s total position wins. That is the month switching has genuinely paid for itself.
What counts as the cost of switching
Two separate things, both charged at the same moment. Your current lender may charge early-repayment compensation for being paid off ahead of schedule, capped at 1% of the balance under EU consumer-credit rules (0.5% with less than a year left) and set by national law for mortgages. The new lender charges its own arrangement fee, and a property loan usually adds valuation, notary and land-registry costs. Both are counted here from the first month, which is why the curve for the new loan starts above the old one.
The trap: the term, not the rate
The instalment on offer is almost always compared with the one you pay now, and almost never on the same term. Stretch a loan back out to thirty years and the monthly figure falls even if the rate is identical, because the same balance is spread over more payments. This page tells you when the offer changes the term and by how much, so you can see which of the two is doing the work.
Frequently asked questions
Is a lower interest rate always worth switching to?
No. The rate decides how fast you save; the fees decide how long you must stay for the saving to exist at all. A loan close to its end has little interest left to save, while the exit fee is charged on the whole remaining balance, so a better rate can still leave you behind. The break-even month above is the test: if you expect to repay or move house before it, switching costs you money.
Does the early-repayment fee make refinancing pointless?
Rarely, but it changes the timing. EU rules cap the compensation on consumer credit at 1% of the amount repaid early, and 0.5% when less than a year remains; mortgages follow national rules, which in several countries allow more. On a balance with years to run, the interest saved is usually a multiple of that one-off charge, and the calculator shows exactly how many months it takes to earn back.
Should I keep the same term or take the longer one on offer?
Keeping the term is what converts a lower rate into money saved. Extending it lowers the monthly payment more, which helps if cash flow is the problem, but it adds interest for every extra month and can cost more in total than the loan you left. Set the new term equal to the time remaining to see the rate’s effect on its own, then extend it and watch the total move.
Do my figures leave my browser?
No. There is no account and no database; the whole comparison runs on your device. The numbers are written into the page address so you can bookmark or send a scenario, and that link is the only way they ever travel, if you choose to share it.