Is refinancing always a win?
Even with a lower rate, there are costs like early repayment fees, stamp duty and guarantee fees, so it pays only if the interest saved over the remaining term exceeds them.
Things to check
- The existing loan's early repayment fee (usually waived after 3 years)
- The new loan's term: a longer term lowers monthly payments but can increase total interest.
- Whether you qualify for government products that switch high-rate loans to low rates (Korea Inclusive Finance Agency etc.)
Online loan comparison platforms let you compare refinancing terms from several lenders at once.
This calculator gives estimates based on published laws and criteria and is not legal advice. Before acting, be sure to check with the official agencies below.