By MoneyBees
Compare your current home loan with a new bank's package at today's 3-month SORA plus a spread, or with your own bank's repricing offer. Legal and valuation fees, mortgage duty, any lock-in penalty and subsidy clawback are counted, with the months it takes the lower rate to pay them back.
What you will pay if you stay.
From your letter of offer.
3M SORA 1.2332% (MAS, 5 Oct 2026), so 2.03%.
Legal or valuation subsidy, if offered.
Usually the new package's lock-in.
Refinance: better off by
$6,018
over 24 months, after $3,500 of costs
Reprice: better off by
$7,854
over 24 months
Refinancing breaks even in
9 months
months of lower interest to cover the costs
At 2.03% the instalment falls from $2,371 to $2,127, and you pay $9,518 less interest over 24 months. Switching banks costs $3,500: $3,000 in fees after subsidy, $500 of mortgage duty.
Repricing to 2.20% with your own bank saves $7,854 of interest for $0. Over 24 months, repricing comes out $1,836 ahead.
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| Stay | Reprice | Refinance | |
|---|---|---|---|
| Rate | 3.00% | 2.20% | 2.03% |
| Monthly instalment | $2,371 | $2,168 | $2,127 |
| Interest paid | $29,212 | $21,358 | $19,695 |
| Cost to switch | $0 | $0 | $3,500 |
| Better off by | $0 | $7,854 | $6,018 |
| Breaks even in | 1 months | 9 months |
Interest is worked month by month at each rate for the months compared. A floating rate moves with SORA, so the saving will change.
You owe S$500,000 with 25 years left and your rate is going to 3%. A new bank offers 2% with S$3,000 of legal fees. Over 24 months the instalment falls from S$2,371 to S$2,119 and you pay S$9,811 less interest. Costs are S$3,500 with the S$500 mortgage duty, so you are S$6,311 better off, and the saving covers the costs by month 9.
Figures checked 4 Oct 2026.
Refinancing moves your home loan to a new bank. Repricing, also called conversion, moves you to a new package with the same bank. MoneySense defines them this way. Repricing usually skips legal fees, while refinancing may get you a lower rate.
MoneySense suggests reviewing your loan regularly, especially once the lock-in period is over. Leaving inside the lock-in usually costs a penalty on the amount you repay, so compare the saving with that penalty first.
Legal and valuation fees, which a new bank may subsidise, IRAS mortgage duty of 0.4% of the loan capped at S$500, and any lock-in penalty or subsidy clawback from your current bank. Enter the figures from your offers to see the total.
Not for the home you live in. MAS exempts owner-occupiers who refinance from TDSR and MSR, though the bank still checks your credit. Refinancing an investment property is subject to TDSR unless you commit to repay at least 3% of the balance within 3 years.
Yes, with a bank regulated by MAS. HDB says you cannot later switch back to an HDB loan, and the change takes about 6 to 8 weeks once your lawyer submits the accepted letter of offer.
Yes. IRAS charges mortgage duty of 0.4% of the new loan, capped at S$500, on a refinancing mortgage. Any loan of S$125,000 or more pays the S$500 cap.
The month in which the interest you have saved first covers the cost of switching. If it falls after the new package's lock-in ends, the switch may not be worth it.
The latest 3-month compounded SORA published by MAS plus the spread you enter from the bank's offer. Floating rates move with SORA, so the saving will change over time.
These calculators provide general estimates for educational purposes only and are not personalised financial advice. Results may rely on rates and rules that change over time, so verify against official sources (IRAS, CPF Board, HDB, MAS) or consult a licensed financial adviser before making decisions.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).