Mortgage Refinance Calculator

Calculate your monthly savings and break-even point to decide if refinancing is worth it.

Loan Details

₹5L₹5Cr
5%20%
1 yr30 yrs

Monthly EMI

₹43,391

Principal

₹50,00,000

Total Interest

₹54,13,879

Total Payment

₹1,04,13,879

Interest Ratio

52%

Payment Breakdown

PrincipalInterest

Refinance Calculator Formula & How It Works

Monthly Savings = Old Payment − New Payment | Break-Even = Closing Costs ÷ Monthly Savings
  • Old Payment = Current monthly P&I
  • New Payment = New monthly P&I at new rate/term
  • Closing Costs = typically 2–5% of loan amount
  • Break-Even = months until total savings exceed closing costs

Refinancing makes sense when you stay in the home past the break-even point. If closing costs are $6,000 and you save $200/month, break-even is 30 months. If you plan to move in 2 years, refinancing loses money.

Refinance Calculator FAQs

How much does it cost to refinance?

Closing costs typically run 2–5% of the loan amount, or $4,000–$10,000 on a $200,000 loan. Some lenders offer no-closing-cost refinancing by rolling fees into the rate.

When should I refinance my mortgage?

Refinance when: the new rate is at least 0.5–1% lower, you plan to stay past the break-even point, your credit has improved significantly, or you want to change loan terms (e.g., 30yr to 15yr).

Does refinancing hurt your credit score?

Refinancing causes a temporary dip (typically 5–10 points) from the hard credit inquiry. The effect is usually minor and short-lived, especially if you have a solid credit history.

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