Refinancing Calculator
Compare your current Singapore home loan against a new refinanced rate over the same remaining tenure — see your monthly saving, the total interest saved, and how many months it takes to break even on the costs.
Refinancing Calculator
Compare your home loan vs a new rate · 2026
Estimates only. Costs and rates vary by bank. Repricing with your current bank usually avoids legal and valuation fees. Owner-occupied refinancing without increasing the loan is generally exempt from TDSR, but each bank still applies its own credit checks. Per MAS.
Current vs New
SAME TENURECurrent vs refinanced loan
Both loans are compared on your outstanding balance over the same remaining tenure, so the difference is due to the interest rate alone.
| Item | Current | Refinanced |
|---|---|---|
| Interest rate | 4.00% | 3.00% |
| Monthly repayment | SGD 3,030 | SGD 2,773 |
| Total interest (remaining) | SGD 227,176 | SGD 165,517 |
| Total repayment (remaining) | SGD 727,176 | SGD 665,517 |
When you recover the costs
The break-even point is how many months of savings it takes to cover the one-off refinancing costs. After this point cumulative savings exceed the one-off costs.
Typical refinancing costs
These are indicative market ranges, not official figures — use your own quotes. Many banks offer a legal subsidy that offsets part of the cost.
| Cost | Indicative range | Notes |
|---|---|---|
| Legal / conveyancing | SGD 1,800 – 3,000 | Often subsidised above a loan threshold |
| Valuation | SGD 200 – 900 | HDB lower; private higher |
| Prepayment penalty | ~1.5% of balance | Only within the lock-in period |
| Subsidy clawback | Prior subsidy | If leaving the bank within its clawback period |
TDSR and the SORA benchmark
Two things shape Singapore refinancing beyond the rate: the servicing-ratio rules and the reference rate. Per MAS.
| Topic | Detail |
|---|---|
| Owner-occupied refinancing | Exempt from the 55% TDSR if the loan is not increased and there is no cash-out |
| Investment property refinancing | Generally must still meet the 55% TDSR |
| Floating benchmark | SORA (Singapore Overnight Rate Average) |
| SIBOR | Discontinued after 31 December 2024 |
How the comparison is worked out
Both repayments use the standard amortisation formula on the same outstanding balance and remaining tenure.
| Step | Formula |
|---|---|
| Monthly repayment | Balance × r ÷ [1 − (1 + r)−n] |
| Monthly saving | Current repayment − new repayment |
| Total costs | Legal + valuation + penalty − subsidy |
| Break-even | Total costs ÷ monthly saving |
| Net saving | (Monthly saving × months) − total costs |
Costs, TDSR & the SORA Benchmark
The rules and indicative costs that decide whether refinancing your Singapore home loan is worthwhile — the 55% TDSR, the owner-occupied refinancing exemption, and the SORA reference rate. TDSR and benchmark rules are from MAS; cost figures are indicative market data, not official.
The Core Idea
Compare the same outstanding balance at your current rate versus a new rate over the same remaining tenure.
One-Off Costs
Indicative market ranges — not official figures. Adjust to your own quotes.
Rules & Benchmark
What shapes Singapore refinancing beyond the headline rate.
Refinancing Cost Ranges
These are indicative market ranges, not official figures — use your own quotes. Many banks offer a legal subsidy that offsets part of the cost above a loan-size threshold.
| Cost | Indicative range | Notes |
|---|---|---|
| Legal / conveyancing | SGD 1,800–3,000 | Often subsidised above a loan-size threshold |
| Valuation | SGD 200–900 | Lower for HDB, higher for private property |
| Prepayment penalty | ~1.5% of balance | Applies only if still within the lock-in period |
| Subsidy clawback | Prior subsidy | If leaving the current bank within its clawback period (~3 years) |
TDSR and the SORA Benchmark
Two things shape Singapore refinancing beyond the rate: the servicing-ratio rules and the reference rate. Per MAS — Who TDSR Applies To.
| Item | Rule | Notes |
|---|---|---|
| TDSR limit | 55% of income | All monthly debt repayments count |
| Owner-occupied refinancing | Exempt | If the loan is not increased and there is no cash-out |
| Investment property refinancing | Must meet 55% TDSR | Banks may still apply their own limits |
| Floating benchmark | SORA | Singapore Overnight Rate Average |
| SIBOR | Discontinued | After 31 December 2024 |
Repricing vs Refinancing
Two ways to move to a lower rate. The main difference is whether you stay with your current bank.
| Feature | Refinancing | Repricing |
|---|---|---|
| New lender? | Different bank | Same bank |
| Legal & valuation fees | Usually payable | Usually avoided |
| Admin / repricing fee | — | Small fee may apply |
| Rate choice | Whole market | Current bank's packages |
| Best when | Savings outweigh costs | Rate gap is modest |
Latest updates
Singapore Refinancing News & Updates
Recent changes that affect this calculator, each summarised from its announcement and linked to the source.
4% Floor Rate on CPF SMRA Savings Extended to End-2027
CPF Board announced that the Government extended the 4% interest rate floor on Special, MediSave and Retirement Account (SMRA) monies for another year, from 1 Jan to 31 Dec 2027. For 1 Oct to 31 Dec 2026, the SMRA rate stays at the 4% floor, the Ordinary Account rate at 2.5% and the HDB concessionary loan rate at 2.6%.
MAS Slightly Increases Rate of Appreciation of the SGD NEER Policy Band
MAS increased slightly the rate of appreciation of the SGD nominal effective exchange rate (NEER) policy band, with no change to the width of the band or the level at which it is centred. At its January 2026 review, MAS had maintained the rate of appreciation.
SIBOR to Be Discontinued by End-2024 as SORA Becomes the Main SGD Interest Rate Benchmark
MAS announced that the industry steering committee for the SORA transition, renamed the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS), would also oversee the move from the Singapore Interbank Offer Rate (SIBOR), widely used in retail mortgages, to the Singapore Overnight Rate Average (SORA). An industry report set out the discontinuation of the remaining SIBOR tenors in phases, by end-2024.
See all 9 Mortgage updates on Singapore Financial News & Updates
Refinancing — Frequently Asked Questions
Common questions about refinancing a Singapore home loan — the saving, the break-even point, the costs involved, TDSR, the SORA benchmark, and how repricing differs.
Refinancing means replacing your existing home loan with a new one — usually from a different bank — to secure a lower interest rate or better terms. The outstanding balance is carried over to the new loan and, in a like-for-like refinancing, repaid over the same remaining tenure. The aim is to lower the monthly repayment and the interest paid over time.
MAS — TDSR & RefinancingThe saving is the difference between your current monthly repayment and the new one, calculated on the same outstanding balance and the same remaining tenure. A larger rate gap and a larger balance produce a bigger monthly saving. Because floating rates move over time, the total interest saved across the full tenure is an illustration rather than a guarantee — the monthly saving is the more reliable figure.
The break-even point is the number of months of savings needed to recover the one-off cost of refinancing:
- Break-even = total refinancing cost ÷ monthly saving
For example, about SGD 3,000 of costs against a SGD 257 monthly saving gives a break-even of roughly 12 months. After this point the cumulative saving exceeds the one-off cost; before it, the costs exceed the savings to date. The figure is undefined when the monthly saving is zero or negative.
The main one-off costs are indicative market figures, not official rates, and vary by bank:
- Legal / conveyancing: about SGD 1,800–3,000, often partly subsidised above a loan-size threshold
- Valuation: about SGD 200–900, lower for HDB and higher for private property
- Prepayment penalty: around 1.5% of the balance, only if you are still within the lock-in period
- Subsidy clawback: repayment of a prior legal subsidy if you leave your current bank within its clawback period
Always confirm each figure against your own bank's quote.
A prepayment penalty (also called an early redemption penalty) is a fee your current bank charges if you fully repay or refinance the loan while still inside the lock-in period — typically around 1.5% of the outstanding balance. If your lock-in has already ended, there is usually no penalty. This is an indicative market figure; check your loan's terms for the exact amount.
When you first took your loan, the bank may have given a legal subsidy to help with conveyancing costs. If you leave that bank within its clawback period — commonly around three years — you may have to repay that subsidy. This adds to the cost of refinancing away, and the length of the clawback period determines whether it applies.
For an owner-occupied home, refinancing is generally exempt from the 55% TDSR as long as you do not increase the loan amount and take no cash out. For an investment (non-owner-occupied) property, refinancing must still meet the 55% TDSR. Banks apply their own credit checks in both cases, and increasing the loan or cashing out equity can bring TDSR back into play.
MAS — Who TDSR Applies ToSORA is the Singapore Overnight Rate Average — a backward-looking benchmark based on actual overnight interbank lending rates, published by MAS. Most Singapore floating-rate home loans are now priced as a spread over a compounded SORA rate (for example, 3-month SORA plus a margin). When you refinance a floating package, the new rate is quoted against SORA.
MAS — Benchmarks TransitionNo. SIBOR was discontinued after 31 December 2024 as part of the MAS interest-rate benchmark transition. Floating-rate home loans that once referenced SIBOR have moved to SORA. When comparing refinancing packages today, you will see SORA-based floating rates and fixed-rate options rather than SIBOR.
MAS — Benchmarks TransitionRefinancing moves your loan to a different bank, which usually means paying legal and valuation fees (often partly subsidised) in exchange for access to the whole market's rates. Repricing switches you to a new package with your current bank, which usually avoids legal and valuation fees but limits you to that bank's packages, sometimes with a small repricing fee. The net cost of each depends on the fees, rates and lock-in terms offered.
The net outcome of refinancing depends on whether the monthly saving recovers the one-off costs within the period the loan is held: held past the break-even point, cumulative savings exceed costs; repaid or switched before it, they do not. A lock-in period on your current loan, a prepayment penalty, or a subsidy clawback can delay break-even, while a legal subsidy on the new loan can shorten it. This tool is descriptive only; actual figures are confirmed by the lender.
The relationships behind the saving and break-even estimates. Actual figures depend on your bank's quote.
Monthly Repayment
Standard amortising payment on the outstanding balance.
r = rate ÷ 12; n = remaining months
Monthly Saving
Difference between the two payments on the same balance and tenure.
Compared over the same remaining tenure
Total Costs
One-off costs of switching, net of any legal subsidy.
Indicative figures — adjust to your quote
Break-Even
Months of saving needed to recover the costs.
Undefined when the saving is zero or negative
Important Disclaimer
For educational and informational purposes only. This tool estimates the potential saving from refinancing a Singapore home loan by comparing your outstanding balance at your current interest rate against a new rate over the same remaining tenure. It reports the monthly saving, the total interest saved, and the break-even point — the total refinancing cost divided by the monthly saving. All results are estimates that depend entirely on the figures you enter.
No warranty of accuracy. This tool is provided "as is" without any express or implied warranty as to accuracy, completeness, or timeliness. The legal, valuation, prepayment penalty, and subsidy-clawback costs used here are indicative market figures, not official published rates, and they vary from bank to bank and over time. Interest rates also change: most Singapore floating-rate loans are priced against SORA (SIBOR was discontinued after 31 December 2024), so the total interest saved over the full tenure is illustrative only. Confirm every cost and rate with your own lender before relying on it.
Not financial advice. Information provided is general in nature only and does not take into account your personal objectives, financial situation, or needs. Results do not constitute financial, mortgage, or property advice, and nothing here is a recommendation to refinance, reprice, or remain with your current loan. TDSR rules also apply: owner-occupied refinancing is generally exempt from the 55% Total Debt Servicing Ratio where the loan is not increased and no cash is taken out, while investment-property refinancing must meet the 55% TDSR, and each lender applies its own credit assessment.
Limitation of liability. To the maximum extent permitted by law, Money Snap accepts no liability for any loss, damage, cost, or expense arising from reliance on this tool or the information it produces. Users are responsible for verifying all figures with MAS and their lender before relying on them. Use is subject to our Terms of Use.
Official data sources
TDSR 55%, the owner-occupied refinancing exemption, and the SORA benchmark are current MAS rules. Cost figures are indicative market data, not official, and vary by bank.