Refinance Calculator in Singapore Helps You Maximise Home Loan Savings

Compare interest rates, calculate new monthly repayments, and see if refinancing your mortgage can save you more in the long run.

If you’re exploring the complexities of home financing in Singapore, our refinance home loan calculator is designed to provide clarity and potential savings.

It allows you to make informed decisions about mortgage refinancing by comparing interest rates, estimating monthly payments, and evaluating various loan options.

$10,000
$1,000 $200,000
12 months
1 months 72 months
$400

Interest rates starting from as low as 3.38% p.a. (EIR from 6.32% p.a.).

Loans are subject to an administrative fee of 10% deducted upfront from the loan disbursement.

Interest Rate Table

Bank

Scheme

Lock-In Period

1st Yr Interest

2nd Yr Interest

3rd Yr Interest

4th Yr Interest

Bank of China

3 Year Fixed (Green Mortgage)

3 years

2.40%

2.40%

2.45%

3.90%

Promotion

2-Year Fixed Flexi (With 200K Deposit)

2 years

2.42%

2.42%

3.80%

4.00%

Bank of China

2-Year Fixed Flexi (Green Mortgage)

2 years

2.45%

2.45%

3.70%

3.90%

Bank of China

3 Year Fixed

3 years

2.45%

2.45%

2.45%

3.90%

Bank of China

2-Year Fixed Flexi

2 years

2.50%

2.50%

3.70%

3.90%

Promotion

1-Month SORA (With 200K Deposit)

2 years

3.00%

3.05%

3.00%

3.00%

Promotion

1-Month SORA (With 200K Deposit)

0 year

3.10%

3.10%

3.10%

3.10%

RHB

1-Month SORA

0 year

3.20%

3.20%

3.20%

3.20%

Maybank

1-Month SORA

0 year

3.25%

3.25%

3.00%

3.25%

DBS

3-Month SORA

0 year

3.25%

3.25%

3.25%

3.25%

Note: Rates are indicative and subject to change. Always consult with the respective bank for the most current interest rates.

What Is a Refinancing Calculator

A refinance calculator is a digital tool that assists borrowers in evaluating the potential benefits of mortgage refinancing.

The calculator estimates your new monthly payment and potential savings over the loan’s life by inputting details such as your current loan balance, interest rate, and desired loan term.

How Our Calculator Works

Our refinance home loan calculator simplifies the process:​

  1. Input your current home loan details, including loan amount, interest rate, and remaining loan term.​

  2. Compare with potential new loan offers to see changes in monthly repayments and total savings.​

Ready to explore your options? Use our calculator now to discover potential savings on your home loan repayments.

Elements of Refinancing Calculator

Understanding the core components of a refinance calculator allows Singaporean borrowers to make better-informed decisions when reviewing loan options and planning their mortgage refinancing journey.

The loan amount refers to the outstanding loan principal or loan balance of your existing home loan. This figure forms the base from which your monthly repayments and total cost are calculated. A lower balance could result in more favourable terms, particularly if your property has increased value.

You will be charged the current interest rate on the new loan. Even a small difference in interest rates can result in significant savings over the life of the loan, making it essential to compare offerings from various lenders using a repayment calculator or refinance home loan calculator.

The loan term is when you agree to repay your mortgage, typically 10 to 30 years. A longer term reduces your monthly payments but increases the total cost due to more interest paid over time.

These include administrative fees, legal charges, credit check expenses, and possibly mortgage points. While some banks provide subsidies, these costs should still be factored into your overall calculation.

The most immediate concern for many is that their new monthly payment reflects their updated financial obligation under the new interest rate and loan amount. It should align with their debt-to-income ratio for sustainable budgeting.

Benefits of Using OMY Calculator

The OMY refinance calculator is a powerful digital tool designed to help Singaporean borrowers confidently explore smarter mortgage refinancing decisions.

1. Accurate Estimates

The OMY calculator delivers highly accurate projections of your potential monthly repayments and long-term savings based on your unique loan amount, interest rates, and loan term. This precision eliminates guesswork and supports well-informed choices.

2. Time-Saving

Instead of calculating your monthly payments manually or requesting multiple quotes from different lenders, the OMY mortgage refinance calculator provides instant results. This reduces your research time significantly and allows quicker comparisons between various loan options.

3. Informed Decisions

The calculator enables you to model outcomes under different market conditions. By enabling you to toggle between fixed and variable rates, you can decide which loan type aligns with your risk appetite and future goals.

4. Cost Analysis

The tool lets you include fees, such as closing costs, property taxes, and mortgage points, in your estimates. This ensures you know the total cost of refinancing, including any hidden costs that may reduce your savings.

5. Customisable Inputs

Adjust variables like the new loan amount, loan term, and interest rates to simulate various scenarios. Whether you’re doing a cash-out refinance to access your equity or simply switching to a lower interest rate, this function offers tailored insights.

6. Debt Assessment

Banks look at how much debt you have compared to your income to check if you can manage your repayments. The OMY refinance calculator factors this in to help ensure your new monthly payment is financially sustainable over the life of the loan.

7. Equity Evaluation

The calculator also helps you evaluate your property’s current value and available equity. This is especially useful if you are considering a cash-in refinance or need to determine if you’re eligible for better loan options based on a high current home loan valuation.

8. Credit Impact Insight

Understand how your credit score and the potential for a credit check may influence your ability to qualify for a lower interest rate. By identifying the impact of credit, you can prepare documents and make improvements before applying.

9. Regulatory Compliance

The tool is built to align with regulatory standards set by entities like the Federal Housing Administration, ensuring an accurate reflection of FHA loans and related criteria relevant to the Singapore context.

10. Comprehensive Overview

Most importantly, the OMY repayment calculator gives you a holistic perspective of your existing home loan and long-term financial position. Whether considering a home loan for home renovation or simply seeking better terms for your mortgage refinancing, it supports strategic planning with clarity and transparency.

Tips for Using Refinancing Calculator

It is essential to apply a strategic approach to make the most of the refinance calculator. These expert-backed tips will help you gain more accurate projections and make smarter decisions when considering mortgage refinancing in Singapore.

1. Regular Updates

Always input your latest loan balance, current interest rate, and monthly payments to ensure the results reflect your real financial situation. Using outdated figures may result in misleading outcomes.

2. Scenario Testing

Test different loan term options, such as 10, 15, or 25 years, to see how each affects your monthly repayments and total cost. This helps you assess the long-term implications of your decision.

3. Include All Costs

Don’t forget to factor in closing costs, property taxes, fees, and mortgage points. These hidden charges can add up quickly and affect your final new monthly payment.

4. Assess Credit

Your credit score directly impacts your eligibility for a lower interest rate. The credit check process can also temporarily affect your score, so check your report before applying for a new loan.

5. Evaluate Equity

Calculate your current value and available equity to determine whether a cash-out or cash-in refinance is feasible. Higher equity may qualify you for better loan options and low rates.

6. Compare Lenders

Use the repayment calculator to compare interest rates, fees, and different comparison rate structures across banks and lenders. Even small differences in rates can mean significant savings over the life of the loan.

7. Understand Mortgage Types

Know the difference between a fixed rate and an adjustable-rate mortgage. A fixed-rate term offers predictable monthly payments, while a variable rate may offer low rates but increase later during the initial period.

8. Check Conditional Approvals

Some borrowers receive conditional approval but later face rejection. Use the calculator to ensure your finances align with eligibility criteria and minimise surprises during application.

9. Monitor Market Trends

Track economic indicators and interest rate movements. Refinancing during a period of high interest rates might not be ideal unless you’re shifting from a variable rate to a fixed rate for stability.

10. Review Your Goals

Clarify your objective: reduce monthly payments, shorten your loan term, or leverage cash through a cash-out refinance. Tailor the calculator inputs accordingly to support your specific financial targets.

Factors Affecting Refinancing Monthly Instalment

Your monthly repayments can vary depending on several factors tied to your financial standing and the structure of your new loan.

1. Loan Amount

A larger loan amount results in higher monthly payments.

2. Loan Term

Shorter loan terms lead to higher instalments but lower total costs across the life of the loan.

3. Interest Rates

A lower interest rate reduces your payments, whereas high interest rates increase them.

4. Closing Costs

If rolled into your new loan amount, these costs can raise your repayments.

5. Type of Mortgage

A fixed-rate mortgage offers stable payments, while an adjustable-rate mortgage can change after the initial period.

6. Credit Score

A good credit score may help secure low rates and favourable loan options.

7. Debt-to-Income Ratio

This impacts lender approval and affordability checks.

8. Current Value

A higher property valuation could support balance transfer or equity-based refinancing.

FAQs

Many overlook hidden costs, like legal fees, valuation fees, or early repayment penalties on the current home loan, which reduce your net savings from mortgage refinancing.

A lower credit score may limit access to low rates or better loan options. Work on improving it before applying for a new loan.

Refinancing late in your loan term may not bring substantial savings, as most interest is front-loaded. Consider the total cost before proceeding.

Lenders may reject the refinance or offer less favourable interest rates and loan amount options if your current value is lower than your loan balance.

Conditional approval is not guaranteed. Changes in credit score, income, or property valuation during assessment can cause lenders to withdraw or alter the final loan offer.

You’ll always come first!

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