Mortgage Switching Calculator

Use our popular Atomic Home LoansĀ mortgage switching calculator to determine:

  • whether you will save money by switching to another mortgage
  • how long it will take to recover the cost of switching
  • the benefits of making higher repayments instead of minimum repayments

This calculator helps determine whether switching to a new loan is the right option for you and it analyses three scenarios:

  1. Not switching and keep repaying the currently loan
  2. Switch to a new loan and make the minimum repayment, or;
  3. Switch to a new loan and keep current and higher repayment if possible.

Some of the assumptions made, include:

  • Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, and monthly. In practice, the interest compounding frequency may not be the same as the repayment frequency.
  • It is assumed that a year consists of 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
  • No rounding is done throughout the calculation, whereas repayments are rounded to at least the nearest cent in practice.
  • This calculator does not take into account some loan features such as redraw facilities and offset accounts etc.

When considering whether you want to remortgage or not, remember that it is not how much money you borrow or from whom, but rather, what is important is how much money you have to pay back.

If your goal is to pay back as little as possible for the money you borrow, then it makes no sense to select a mortgage which will cost you more money.

For more information on refinancing and how it can affect your mortgage, give us a call on (02) 9188 8834, or click here to contact us via our web-page.

Alternatively, you are welcome to send an email directly to our director, Alex Tomic, on He will get back to you sooner than you think.


See All Calculators
Social media & sharing icons powered by UltimatelySocial