Should I Break My Fixed Mortgage?
Rates have dropped and you're still locked into a higher fixed term. Is it worth paying the bank's break fee to refix lower now, or better to sit tight until your term ends? This weighs the interest you'd save against the fees you'd pay, over the months you have left. Everything stays in your browser.
Your fixed loan
Amount on the fixed rate
Sets your repayment amount
Months until your rate rolls off
Break & refix
Rate you'd refix at today
Ask your bank for the exact figure
Documentation to refix
Keeping the old (higher) repayment after refixing lower puts the difference straight onto principal, so you pay the loan down faster.
Results update live as you edit these figures — everything stays in your browser.
Saved comparisons
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The Two Paths
Interest over the remaining fixed term
- Monthly repayment
- $3,531
- Balance still owed at term end
- $488,304
- Total cash paid
- $63,553
Interest over the remaining fixed term
- Break & admin fees
- $3,750
- Monthly repayment
- $3,158
- Balance still owed at term end
- $486,023
- Total cash paid
- $60,587
Money Spent Over the Remaining Term
Each line is the cumulative interest (plus one-off fees for breaking) paid so far. Breaking starts higher because of the fees, then rises more slowly at the lower rate. Where the lines cross, the fees have paid for themselves — after that, breaking is ahead.
Key Findings
Better choice
Break & refix
Based on interest and fees over the remaining fixed term
Net benefit of breaking
$5,246
After the break and admin fees — positive means breaking wins
Interest saved by refixing
$8,996
Lower-rate interest saving before fees are counted
Fees paid off by
Month 8
When interest savings recoup the break and admin fees
Our Recommendation
Breaking looks worthwhile — refixing at 5.79% saves roughly $8,996 of interest over the remaining 18 months, which clears the $3,750 in fees and leaves you about $5,246 better off. The fees pay for themselves after about month 8. Ask your bank for a written break-cost figure before committing — it moves with wholesale rates.
Informational only, not financial advice. The break fee is an estimate — only your bank can calculate the exact figure, and it changes daily with wholesale rates, so always get it in writing before deciding. This compares interest and fees over the remaining fixed term only; it doesn't model what rates do after your term ends.