Switching Mortgage Calculator

Thinking about your options? Discover the potential savings that switching your loan could create with our switching mortgage calculator. To use the calculator simply:

  • Enter the estimated property value, loan amount, loan period and repayment frequency in the top left section of the calculator.
  • Add the termination fees and differing interest rates in the ‘current loan’ and ‘new loan’ tabs
  • The comparison is shown in the bottom right table
What is the estimated value of your property?
The amount owing on your current loan
The number of years remaining for your current loan
The interest rate for the loan.
% p.a.
Does the loan have an introductory period with a different interest rate?



Are there any fees for terminating your existing loan?
Is there a regular monthly fee for the loan?
The interest rate for the new loan.
% p.a.
Does the new loan have an introductory period with a different interest rate?



Are there any fees for applying for the new loan?
Is there a regular monthly fee for the new loan?

Your Repayments

  • Weekly
  • Fortnightly
  • Monthly
Introductory Repayments Repayments Total Payable
Current Loan $843.86 $843.86 $151,894.23
New Loan $790.80 $790.80 $142,343.23
Savings $53.06 $9,551.00

Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan. * The interest rate shown on Toggle products is a blended rate comprised of 50% fixed interest rate and 50% variable interest rate. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.

WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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Should I look at switching loans?

Giving your mortgage a health check from time to time can always be a good idea. Shifting to a new loan might better suit your current financial situation, or even provide an opportunity to save a bit of money on your repayments. And it may not be as hard as you think, especially at Mortgage House. Our switching mortgage calculator can give you a quick look at how much you might be able to save with a new loan, but it always pays to speak with one of our expert lenders. They can then work to find a suitable loan for you and your family. But how do you know if you are ready to switch loans? That can be a difficult question to answer, but three quick tips can help. Firstly, look at the terms of your current loan to find out how much interest you are paying, when your loan will mature, what the conditions are, and what lender you are with. This can give you a handy overview of your loan which can help you find a better deal. Then find out how much equity you have in your property, by deducting the outstanding balance on your mortgage loan from the value of your home. Switching loans can come with a few extra costs. Finally, determine your property goals. Once you are armed with all this, our lending specialists can start working with you to look at your options.

What does a switching mortgage calculator do?

A switching mortgage calculator can give you a guide as to how much you may save by switching mortgages. The first thing to do is to enter the estimated property value of your home, then enter your current loan balance, the time it has left to run and the repayment frequency. Add the current interest rate, the discharge fee and any other fees and charges. Once you have done that, click on ‘new loan’ and a series of available Mortgage House options will appear in the drop down menu. If you are unsure of which option to choose, take a look around other pages to gain an understanding of which other mortgages may be suitable for you and your circumstance, if you haven’t already. It is important to make sure the information to enter into our switching mortgage calculator is as accurate as possible. Take the time to make sure you have it all available, as the results the calculator will give you are dependent on it.

switching mortgage

What will my new home loan repayment be?

Once you have entered all the information of your current loan into the switching mortgage calculator, and chosen a suitable Mortgage House loan, you will be presented with a series of repayment figures on the right hand side. These figures will show you the potential difference between how much you are currently paying, and how much you can pay with a new Mortgage House Loan. They will show you the difference per repayment, as well over the entire life of the new loan. However, it is important to remember that these figures are only a guide, and a way of giving you an indication of what any potential savings can be. The best way to make sure of your options is to contact us, ensuring you still have all the information needed.

Are monthly or fortnightly mortgage repayments better?

You may also notice our switching mortgage calculator has weekly, fortnightly and monthly repayment options. You may think that is superfluous, but you may actually be surprised to learn there can be big advantages to scheduling repayments every two weeks instead of every month. In short, it can save you money and help you pay off your loan sooner. If your repayments are, for example, $1000 per month, you will pay $12,000 off your loan each year. If you pay $500 per fortnight, you will pay $13,000 off each year – an extra month’s repayments. This can save a lot of money on interest repayments over the life of your loan.

Are there other loan repayment calculator options?

At Mortgage House we want to arm you with as much information as possible to help you find suitable mortgage options. One way we do this is by giving you access to a range of resources and information. Our switching mortgage calculator is not the only calculator in our tool kit. We have a range of others that can help guide you to find  suitable mortgage rate options, how much your repayments may be, how much you might be able to borrow, and how much stamp duty you may pay when you buy a new home. We even have a calculator that can help you plan a budget if you are looking to save for a deposit.