At a glance
- 3-month compounded SORA
- 1.23% on 9 October 2026 (MAS)
- Fixed packages, late 2026
- Around 1.4% to 2% for two or three years
- Refinancing costs
- About S$2,500 to S$3,500 in legal and valuation fees, often subsidised
- Repricing costs
- A conversion fee of about S$800, or nothing
- Leaving in a lock-in
- Usually 1.5% of the loan
Assumptions
- Savings are worked out at today's rates for the same remaining tenure. Floating packages move with SORA every three months, and fixed packages reprice after their lock-in.
- Refinancing to a new bank costs legal and valuation fees, roughly S$2,500 to S$3,500, which banks often subsidise. If you leave within the clawback period of a past subsidy, usually three years, you repay it. Repricing with your own bank usually costs a conversion fee of about S$800 or nothing.
- Leaving during a lock-in typically costs 1.5% of the loan. HDB loans have no lock-in or penalty, but once you move to a bank you can't go back to an HDB loan.
An estimate. Banks quote the final rate and costs. Rates last checked 13 October 2026.
What the calculator shows
The big number is how much less you’d pay each month on the new package, for the same loan and the same years left. The tiles show the net saving over a three-year lock-in after switching costs, the saving over the rest of the loan at today’s rates, the month the switch pays for itself, and for a floating package, what the instalment would be if SORA rose by one percentage point.
Pick “I have an HDB loan” to see whether moving to a bank is worth it. Pick “Reprice with my bank” to compare the cheaper option of switching packages without changing bank.
A worked example
A couple owe S$700,000 with 22 years left. Their three-year fixed package has ended and the rate has jumped to 3.2%, so they pay about S$3,697 a month. A new fixed package at 1.65% brings that down to about S$3,164, saving S$533 a month. Legal and valuation fees of S$3,000 are paid back in under six months, and the net saving over three years is about S$16,200.
A floating package at SORA plus 0.65%, or 1.88% today, would cost about S$3,241 a month. That’s cheaper than their current rate, but the instalment moves every three months with SORA.
Fixed or floating
A fixed package locks your rate for two or three years. You know your instalment, and you’re protected if rates rise. You pay for that certainty if rates fall.
A floating package tracks 3-month compounded SORA plus a spread that stays the same for the life of the package. It’s usually cheaper when rates are falling or flat, and it often has a shorter lock-in or none.
Refinancing vs repricing
Repricing means moving to another package at your current bank. It’s quick, with no lawyer and usually a fee of about S$800 or nothing. Refinancing means moving the loan to a new bank. You need a lawyer and a valuation, which banks often subsidise for larger loans. If an earlier bank covered your legal fees, check the clawback period, usually three years, before you leave.
Before you switch
Check your loan letter for the lock-in end date and any clawback, then compare at least three offers. If you’re planning to sell within a couple of years, a package with a short lock-in or none matters more than the lowest rate. The mortgage calculator shows what a new loan would cost if you’re thinking of upgrading instead.
Common questions
When should I refinance my home loan?
Start comparing about three months before your lock-in ends. Banks let you lock in a new package up to a few months ahead, and once the lock-in is over you can switch without a penalty. Many packages jump to a much higher board rate after year three.
Is refinancing or repricing better?
Repricing with your own bank is quicker and cheaper, with no new lawyer and usually a fee of S$800 or less, but you choose only from that bank's packages. Refinancing to another bank opens the whole market and banks often cover the legal fees, but it takes longer. Compare the best offer from each.
What is SORA and how does it affect my loan?
SORA is the Singapore Overnight Rate Average, the benchmark MAS publishes daily. Floating home loans charge 3-month compounded SORA plus a fixed spread, so the rate resets every three months. At 1.23% SORA and a 0.65% spread, you'd pay about 1.88% today.
Should I refinance my HDB loan to a bank loan?
Only if the saving is worth giving up the HDB loan for good, because you can't switch back. A S$400,000 HDB loan over 20 years costs about S$2,139 a month at 2.6%. At a 1.65% bank rate it's about S$1,958, but bank rates can rise after the lock-in.
Get a free valuation
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Sources
Facts on this page were checked against these sources on 13 October 2026.
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