Refinancing
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Work out how much you will save if you refinance your loan at a lower rate. Compare the new payment with your current one and see after how many months the savings cover the fees.
average rates from Bulgarian National Bank (BNB) data for September 2026
Current loan
New offer
Comparison
The calculation is approximate: it assumes the interest rate does not change until the end of the term.
With these figures you save about €8,059 after costs, and the switch pays for itself in 29 months.
To refinancing → Debt consolidation →How much you save and when the switch pays off: examples
On a balance of €100,000 over 20 years, switching from 3.20% to 2.43% saves about €38 a month. The costs of €1,100 are paid back in 29 months, and after that you save about €8,059 over the rest of the balance. The rate of 2.43% is close to the average for new home loans in September 2026 (2.41% according to BNB data).
For the consumer loans in the examples we include only the compensation to the current bank, and the switch pays for itself in 4 to 7 months. The new bank may also charge a fee: at 2% on €15,000 that is another €300, bringing the costs to €450, and the switch pays for itself in 21 months. Add the new bank’s fees in the “Refinancing fees” field.
| Loan and refinancing | Per month, € | Total, € | Pays off in |
|---|---|---|---|
| Mortgage €100,000, 20 yrs: 3.20% (€564.66) → 2.43%, costs €1,100 | 38 | 8,059 | 29 mo. |
| Mortgage €100,000, 20 yrs: 2.80% (€544.64) → 2.43%, costs €1,100 | 18 | 3,254 | 61 mo. |
| Mortgage €100,000, 25 yrs: 3.50% (€500.62) → 2.43%, costs €1,100 | 56 | 15,556 | 20 mo. |
| Mortgage €100,000, 10 yrs: 3.20% (€974.87) → 2.43%, costs €1,100 | 35 | 3,142 | 32 mo. |
| Mortgage €100,000, 5 yrs: 2.80% (€1,788.00) → 2.43%, costs €1,100 | 16 | −119 | 68 mo., but only 60 remain: does not pay off |
| Consumer loan €15,000, 4 yrs: 12% (€395.01) → 9% (sample offer), costs €150 | 22 | 893 | 7 mo. |
| Consumer loan €20,000, 5 yrs: 14% (€465.37) → 9% (sample offer), costs €200 | 50 | 2,812 | 4 mo. |
How we calculated
The new payment is the annuity for the balance B at the new interest rate and the same remaining term: PMT = B × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where r is the new annual interest rate divided by 12 and n is the number of remaining payments. The saving per month is the current payment minus the new one. The months to payback are the costs divided by the monthly saving and rounded up to a whole month. The total saving is the monthly saving times the remaining months, minus the costs. The calculation assumes that the interest rate does not change until the end.
- Mortgages: we assume costs of €1,100 for the valuation, the notary, registering the new mortgage and deleting the old one. No compensation is due to the old bank if you have made at least 12 payments (Art. 41(4) of the Act on Real Estate Credit for Consumers, see early repayment of a mortgage loan).
- For consumer loans, the only cost in the examples is the compensation to the current bank, up to 1% of the balance with a fixed rate and a remaining term of over one year (Art. 32(4) of the Consumer Credit Act). With a floating rate it is not due. The new bank’s fees are not included: add them in the fees field.
- The new rate of 9% on consumer loans is an example offer, not an average. The average interest rate on new consumer loans in euro with a term of over 1 and up to 5 years is 14.81% for September 2026, according to the BNB interest rate statistics.
Refinancing a consumer loan makes sense when you get an individual offer below your current interest rate. It depends on your income and credit history.
If the switch pays for itself faster than the time left on the loan, submit an application. CREDiPORT sends it to several banks and you see the new rate before you decide. The service is free.
Mortgage refinancing Consumer loanWhen is refinancing worth it?
Refinancing is usually worth it when the monthly saving covers the cost of switching within 2–3 years and at least a few years of the loan remain. Example: on a balance of €100,000 over 20 years, switching from 3.20% to 2.43% reduces the payment by about €38, and the costs of about €1,100 are recovered in about 29 months.
What to include in “refinancing fees”?
- Notary fee and registration of the new mortgage, removal of the old one
- Property valuation by a licensed valuer
- Bank fees for valuation and collateral analysis (the law prohibits drawdown fees)
- Compensation for early repayment of the existing loan. With a mortgage loan it is up to 1% and only if you repay before the 12th instalment. With a consumer loan at a fixed rate it is up to 1%, and up to 0.5% if less than a year is left. In both cases, more is possible only if the lender proves a bigger loss.
- State fees and registration
How long before the fees pay for themselves?
The number of months is the fees divided by the monthly saving. If you save €50 a month and have paid €600 in fees, the switch pays for itself after 12 months.
The next step
If the savings are worth it, see how mortgage refinancing or consolidating several loans into one works.