Refinance Calculator
Free online refinance calculator – Fast, accurate, and easy to use
Compare your current mortgage with a new loan to evaluate refinancing benefits. Calculate savings, monthly payments, interest, and break-even period.
Refinance Formula
Monthly Payment:
P = payment, L = loan amount, r = monthly interest rate (decimal), n = total months
P = [L × r × (1 + r)n] ÷ [(1 + r)n − 1]P = payment, L = loan amount, r = monthly interest rate (decimal), n = total months
Worked Example
Scenario: ₹500,000 at 7.5% for 20y (paid 5y). New: ₹450,000 at 6.5% for 15y. Closing costs: ₹3,000.
• Current monthly: ₹4,025.52
• New monthly: ₹3,926.06
• Savings per month: ₹99.46
• Break-even is when cumulative savings exceeds costs. Try above!
Related Calculators
Frequently Asked Questions
Was this calculator helpful?
Advertisement
How to Use This Calculator
Step 1: Enter your current loan
Input the loan amount, your current annual interest rate, years, and months paid.
Step 2: Add new loan and closing cost details
Enter your refi amount, proposed rate and years, and refinancing/processing fees.
Step 3: Calculate and review savings
See monthly comparisons, break-even, schedule—which you can export or share.
Advertisement