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Mortgage Refinance Calculator

How much can refinancing your mortgage save you? Find out in seconds with MoneyHub's mortgage refinance calculator.
Updated 8 December 2024
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Know this:
  • When you first take out a loan, most of your monthly payments go toward paying interest rather than principal.
  • The lower the interest rate, the more money you can put towards the principal and the lower the cost of your loan overall.
  • Mortgage refinancing is usually easy and low in fees. If you're coming off a fixed-rate mortgage term then it's a great idea to shop around. Our best mortgage rates guide has the latest deals from the banks.

Your Mortgage Refinance Calculator is Brought to You by LifeDirect Mortgages

LifeDirect Mortgages, a trusted name in mortgage brokering across New Zealand, proudly supports this guide. We value LifeDirect Mortgages' commitment to helping New Zealanders secure the best home loan solutions, offering personalised advice tailored to your needs.

Whether you're a first-home buyer, looking to refinance, or exploring investment property options, LifeDirect Mortgages' experienced team makes the process simple, transparent, and stress-free. We proudly name them winners of our 2024 Editor's Choice for our favourite nationwide mortgage adviser.

We encourage you to contact their friendly experts to discuss your mortgage needs - you can learn more about LifeDirect Mortgages with our detailed review or visit their website.
Refinance Calculator
Refinance at the new rate:
Lower repayments
Keep repayments the same
Monthly Repayments:
$0
Difference per month:
$0
Interest Saved over Loan Term:
$0

Ready to Refinance or Apply for a Home Loan?

Consider a Mortgage Broker - They Usually Save Time and Money

​Mortgage brokers are popular and don't charge a fee. Their service goes beyond what a bank offers by comparing a number of lenders to find the best deal for your circumstances.

We've shortlisted top-rated mortgage brokers who go the distance for their clients in select cities around New Zealand: ​Auckland, Hamilton, Tauranga, Napier and Hastings, Wellington, Kapiti and Christchurch

Why is mortgage refinancing a good idea?

If you are able to get a lower interest rate than your existing deal, refinancing your mortgage will most likely save you money every month. Banks won't offer the option automatically so you'll need to do your homework to know the terms and if any fees will be charged. 

The top reasons to refinance are:
  1. To pay less every month with a lower interest rate. Lowering your mortgage's interest rate can reduce your monthly payment if the repayment term (duration) remains the same.
  2. To get a better mortgage if your personal situation has improved. If you've had a significant payrise, received an inheritance or have better mortgage affordability generally, you will likely be able to negotiate a better mortgage deal. This means you will get better value for every dollar you repay. 
  3. To reduce the term of your mortgage. If your finances allow for a few hundred dollars every month to go towards your mortgage, rather than overpay and incur fees, refinancing with a shorter term and lower interest rate will reduce the overall cost of the mortgage. 
  4. You want to switch from a floating rate to a fixed rate: If you decide that you would like to lock in a rate for the long-term, refinancing your mortgage to get the best deal gives you certainty and may save you money overall depending on what happens with interest rates.
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Mortgage Management:
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