Refinance savings calculator
Thinking of replacing an existing business loan? Enter what is left on your current loan and its monthly repayment, then the new loan’s rate, term and fees, to see whether switching saves money overall, not just each month.
Estimated total saving
€7,060
- New monthly repayment
- €1,589.99
- Change in monthly repayment
- −€210.01
- Left to pay on current loan
- €64,800
- Total cost of new loan (incl. fees)
- €57,740
- Fees paid back after
- 3 months
A lower monthly repayment over a longer term can still cost more in total. Compare the total cost, and check your current loan for early repayment charges before you switch.
Check eligibility for this amountIllustrative only. Actual rates, fees and terms depend on your circumstances and the lender. This is not an offer of finance.
How this calculator works
The calculator adds up what is left to pay on your current loan (monthly repayment × months left) and compares it with the total cost of a new loan for the same balance, including the new loan’s fees and any early repayment charge on the old one.
It also shows the change in your monthly repayment and how many months of lower repayments it takes to pay back the fees.
For illustration only: €50,000 left at €1,800 a month for 36 months costs €64,800. A new loan at 9% over 36 months is about €1,590 a month; with €500 of fees, the saving is about €7,060, and the fees are paid back in 3 months. Stretch the new loan to 60 months and the monthly repayment falls to about €1,038, but the total saving drops to about €2,025.
Check your current loan agreement for early repayment or break charges, and ask the new lender for every fee in writing. A longer term lowers repayments but can raise the total cost.
Want to understand the product first? Read our guide to business refinance.
Refinance savings calculator: common questions
How do I know if refinancing my business loan is worth it?
Compare the total left to pay on your current loan with the total cost of the new one, including all fees and any early repayment charge. If the new total is lower, refinancing saves money. A lower monthly repayment alone does not prove a saving, because a longer term adds interest.
What fees should I include?
Arrangement or documentation fees on the new loan, legal or valuation costs, and early repayment or break charges on the existing loan. Ask both lenders for these in writing and enter the total in the fees box.
Will refinancing affect my company’s credit record?
A new lender will usually search the Central Credit Register, which leaves an enquiry record, and the new loan will be reported. Repaying the old loan in full is also recorded. Using this calculator involves no credit search.
Can I refinance a loan taken under an SBCI scheme?
SBCI scheme loans such as the Growth and Sustainability Loan Scheme cannot themselves be used to refinance existing debt. Check your current loan agreement for any early repayment terms before switching.
What if my bank refuses to refinance?
Ask for the reasons in writing and use the bank’s appeals process. Refusals by AIB, Bank of Ireland or PTSB of €1,000 to €3m can be reviewed by the Credit Review Service if you apply within 30 days. Other lenders may also consider your company.
Does Welcome Finance arrange business refinancing?
Tell us what your company needs and we’ll tell you honestly whether a lender on our panel may consider it. Welcome Finance is a commercial finance broker, not a lender, and is not regulated by the Central Bank of Ireland.
Check in 60 seconds
Get real figures for your company
Checking involves no credit search and is not recorded on the Central Credit Register. No obligation.
- No credit search, not recorded on the Central Credit Register
- One request, several lenders: we’re a broker, not a lender
- For limited companies registered in Ireland
- No fees for your company: we’re paid commission by the lender
Step 1 of 3 · about 60 seconds
Questions and answers
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