FAQs / Refinance

How is refinancing calculated?

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To calculate whether refinancing is worth it first calculate your monthly savings. To do this, compare the monthly payment of your current lender to the monthly payment of the new loan. Just use our refinance calculator to determine your monthly savings if you refinanced with Tic:Toc.

Next, calculate what it costs to refinance your home loan. These are all the fees it costs to refinance. They include ‘closing your old loan fees’ ( such as discharge fees, break fees for fixed home loans etc) + ‘opening your new loan fees’ ( government fees, third party fees).

Then divide the monthly savings by your total closing costs to figure out how many months it takes to break even.

Home Loan Guide

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