Break Fee Calculator
Break Fees are costs charged by the bank when you refix or refinance your home loan, use our calculator to get an estimate of the break fee for your situation. If you received a cash incentive when you took out your home loan you may be required to give this back if you break your loan within a given period of time. Contact your bank for more details on this.
How to use this calculator:
- Input the remaining principle of your home loan. This is the amount you still have to pay on your property.
- Input the original interest rate of your home loan.
- Input the amount of time left before your current fixed rate comes to an end.
- Input the amount of your new interest rate after refinancing your home loan.
NOTE: If you have multiple fixed loans input the total value of these loans and input an average for the interest rate. “Approximate Break Cost” represents the amount you would have to pay to break your current fixed mortgage. However, the savings you make by switching to a lower interest rate often make this a worthwhile expense. Now try our refinance calculator to see how much you could save by switching to a lower interest rate.
Break Cost Calculator.
This is an estimate of the break cost, every bank calculates these costs slightly differently based on the application.
For more info email Support@iRefi.co.nz.
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