Most Filipino homeowners are overpaying on their housing loan without realising it. A quick refinance calculation could reveal savings of hundreds of thousands of pesos over the life of your loan.
ESTIMATED SAVINGS ON A 3,000,000 LOAN
No commitment. No credit check. Just your numbers.
Why this matters
If you took out a housing loan in the Philippines more than two or three years ago, there is a strong chance your interest rate no longer reflects what is available in the market today. Many homeowners are locked into rates between 7% and 10% — rates that made sense at the time but now cost them thousands of pesos every single month. Using a home loan refinance calculator is the fastest way to find out exactly how much you could be saving by switching to a lower rate through Nook, where the best available refinance rate is currently 5.99% per annum.
The calculation is straightforward but the impact is significant. On a 3,000,000 peso loan with 20 years remaining, moving from 8.50% to 5.99% reduces your monthly payment by over 3,000 pesos. That is more than 36,000 pesos per year staying in your pocket instead of going to the bank. Over the remaining term of your loan, that adds up to more than half a million pesos in total interest savings. Before committing to a refinance, it is also worth understanding what closing costs are involved so you can calculate your true break-even point and confirm the move makes financial sense for your situation.
Nook makes the refinancing process simple and completely free for borrowers. As the Philippines' first digital mortgage broker, Nook compares loan offers from leading banks including BDO, BPI, Metrobank, Security Bank, RCBC, and others — so you get the best rate without doing the legwork yourself. There are no broker fees, no hidden charges, and no obligation to proceed after seeing your personalised savings estimate. The only question is how long you are willing to keep paying more than you need to.
How it works
Enter your loan details into our calculator. Instantly see what banks are offering right now and how much you'd save each month. No personal information required.
If the numbers make sense, book a free call. Your consultant compares offers from 15+ banks — something that would take you weeks to do on your own — and recommends the best option for your situation.
We manage the entire application, documentation, and bank coordination. You sign where we tell you. Your new lower payment starts next month. Nook's service is completely free — we're paid by the receiving bank.
Common questions
A refinance calculator compares your current monthly payment at your existing interest rate against what your payment would be at a new, lower rate — using the same remaining loan balance and term. It then shows you the monthly difference, annualised savings, and total savings over the life of the loan. Nook's calculator also factors in typical closing costs so you can see your real break-even point.
Use the rate shown on your most recent loan billing statement or your bank's loan account summary — this is your actual contracted rate, not the rate advertised when you first applied. Philippine bank rates typically reset every one, three, or five years, so your current rate may be higher than your original rate if it has already repriced. If you are unsure, call your bank's loan servicing hotline and ask for your current effective interest rate.
Savings vary depending on your loan balance, remaining term, and the gap between your current rate and the new rate. On a 3,000,000 peso loan with 20 years remaining, switching from 8.50% to 5.99% saves over 3,000 pesos per month and more than 550,000 pesos in total. Even a one percentage point reduction on a large balance produces meaningful savings that compound over a long term.
Yes, refinancing typically involves closing costs such as appraisal fees, documentary stamp tax, mortgage registration fees, and processing charges — these can range from roughly 2% to 3% of the loan amount. However, when your monthly savings are significant, the break-even point is usually reached within two to four years, after which all the savings are genuine. Nook provides a full cost breakdown upfront so you can make an informed decision before proceeding.
Yes, completely free. Nook is a digital mortgage broker that earns its fee from the lending bank when your loan is successfully processed — not from you. There is no cost to use the calculator, no fee to get personalised bank comparisons, and no obligation to proceed at any stage. You can explore your options and see your savings estimate without any financial commitment.
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