How to Use a Refinance Calculator the Right Way

Begin with what you know: current loan balance, current interest rate, and remaining term. Add every switching cost, including discharge, settlement, application, valuation, and government registration fees. If your loan is fixed, include any break cost. Then enter your proposed rate and, if applicable, a reset term. The mortgage refinance calculator will output a new repayment, a total interest difference, and a clear break-even month. These three signals are enough to filter options and prevent you from guessing.

Treat the first pass as a draft. Adjust the proposed rate slightly up and down to see how sensitive the outcome is to changes in pricing. Save two or three versions, label them clearly, and keep them ready for a quick review call. When WizWealth Finance sees a saved mortgage refinance calculator output, we can validate fees, confirm comparison rates, and align the final structure to your goals.

Inputs the Calculator Uses

• Loan balance, current interest rate, remaining term
• Proposed interest rate and (optional) reset term
• Discharge, settlement, application, valuation, registration fees
• Fixed-rate break cost (if applicable)
• Cashback (enter as a negative cost if offered)

Keep all figures realistic. A mortgage refinance calculator is a decision filter, not a promise.

What the Results Mean

Use the mortgage refinance calculator to compare keeping your current repayment versus taking the new minimum. One path improves cash flow; the other shortens the term and compounds savings. Neither is universally right—the better choice depends on your goals and tolerance for repayment changes.

Worked Example: Reading the Output

Imagine a household with a mid-life loan, a stable income, and a clear goal to reduce interest while staying flexible. They enter the balance, current rate, remaining term, and a proposed rate that is modestly lower. They include discharge, settlement, application, valuation, and registration fees as well as a potential fixed-rate break cost. The mortgage refinance calculator shows a monthly saving and a break-even inside the first year. Keeping the old repayment shaves years off the term, while taking the minimum lifts cash flow immediately. The better option depends on their priorities and timeframe.

Checklist: Fees & Assumptions to Enter

• Discharge and settlement charges from the current lender
• Application or package fee for the new product
• Valuation fee and government registration costs
• Fixed-rate break cost (if applicable to your loan)
• Cashback incentive (recorded as a negative cost)

With these included, your mortgage refinance calculator output should be honest about both savings and timing. If any figure is uncertain, err on the conservative side so you are not disappointed later.

Sensitivity Testing: Small Changes, Big Picture

Try three rate assumptions—conservative, expected, and optimistic—to see how outcomes shift. Repeat the process with a slightly different fee total or term setting. This quick experiment shows whether your decision is robust or delicate. The more resilient your mortgage refinance calculator result, the more confident you can be about moving forward without second-guessing.