Refinance Home Loan Calculator Singapore

Refinance Home Loan Calculator Singapore, this App will help you Calculate cost of refinancing your Mortgage in Singapore.

Mortgage Refinance Calculator Singapore

Current Mortgage Details

Current Oustanding Loan Amount Current Loan Interest Rate Current Loan Term Tenor in Year

New Mortgage Details

New Loan Amount New Loan Interest Rate Current Loan Term Tenor in Year

Other Details

Lock In Period More Than 6 Months

Legal Fee Charges

HDB -> S$1800 Private Property -> S$3000

Property Valuation Fees

HDB -> S$250 Private Property -> S$1000

Other Fees

Loan Payment & Loan Total

Current Monthly Repayment New Monthly Reapyament Current Loan Total Interest Pay New Loan Total Interest Pay Micellaneous Cost

What is Refinancing ?

Refinancing Mortgage , is to Switch your current Mortgage Loan with higher interest rate to a lower Interest rate Mortgage Package. In Norm a Typical Mortgage Package will raise its Interest Rate after 3 Years., thus Home Owner may choose to refinance his or her mortgage during 4th years to a lower interest rate Mortgage Package. Other Reason Home Owner may look into Refinancing their Home Loan , is lower SIBOR Interest Rates during a specific period . SIBOR & SOR Interest rate may fluctuate due to Global Economic conditions.

How Much To Save on Refinancing ?

You Can Estimate saving by using the Calculator Above

Under What condition You should consider refinancing your Home Loan ?

After Lock In Period by Factoring in 3 to 4 Month Notice Period
Rising Interest Rate

Cost of Refinancing ?

If you Refinance before Lock In Period , there will be a Peanlty of 1.5% of the Total Mortgage Amount loan

Legal Fee
Re-evaluation Fees
Bank Administrative Fees

Clawback Fees , if previously the Bank Gave you subsidy when first signing up the loan.

Note: Some Banks might absorb some of the Fees

Worth it to Refinance ?

Before Refinancing , one need to take into account Fees that might incur during the processes, secondly you will need to compare the new Loan Interest rate vs the the Current loan interest rate and calculate how much interest rate you will be able to save.