A Refinance Calculator helps you determine whether refinancing your existing loan is a financially beneficial decision. By comparing your current loan with a new loan offer, you can estimate monthly payments, total interest, and potential savings.
Refinance Calculator (INR)
| Details | Current Loan | New Loan |
|---|---|---|
| Principal/Loan Amount | ||
| Loan Length (Months) | ||
| Interest Rate (%) | ||
| Monthly Payment | ||
| Total Monthly Payments | ||
| Total Interest |
Refinance Calculator – Calculate Your New Loan Savings Instantly
What is a Refinance Calculator?
A Refinance Calculator helps you determine whether refinancing your existing loan is a financially beneficial decision. By comparing your current loan with a new loan offer, you can estimate monthly payments, total interest, and potential savings.
Our Refinance Calculator for INR (Indian Rupees) provides a detailed breakdown of loan amount, interest rate, loan term (years & months), monthly payments, and total cost, allowing you to make an informed decision.
How Does the Refinance Calculator Work?
This tool calculates and compares your current loan and new loan based on:
✅ Loan Amount (Principal) – The total amount borrowed.
✅ Interest Rate (%) – The percentage of the principal charged by the lender.
✅ Loan Term (Years & Months) – The total duration for loan repayment.
✅ Monthly Payment – The fixed amount paid monthly.
✅ Total Interest Paid – The total amount of interest paid over the loan term.
✅ Total Cost of Loan – The overall cost including principal and interest.
By inputting your loan details, you can:
✔ Compare Monthly Payments between the existing and refinanced loan.
✔ Calculate Total Interest Savings if the new loan has a lower interest rate.
✔ Evaluate Loan Term Impact – Longer terms reduce monthly payments but increase total interest.
Formula Used for Loan Calculation
The formula to calculate Monthly EMI (Equated Monthly Installment) is:
EMI Formula:
Where:
- P = Loan Principal (Amount Borrowed)
- r = Monthly Interest Rate (Annual Interest Rate ÷ 12 ÷ 100)
- n = Number of Months (Loan Term in Years × 12)
Example Calculation
Current Loan: ₹10,00,000 at 8% interest for 15 years
- Monthly Interest Rate (r) = 8% ÷ 12 ÷ 100 = 0.00667
- Number of Months (n) = 15 × 12 = 180
- EMI = ₹10,00,000 × 0.00667 × (1.00667)^180 / ((1.00667)^180 – 1)
- EMI = ₹9,556 per month
If you refinance at 6.5% interest for 15 years, the EMI reduces to ₹8,718, saving you ₹838 per month and ₹1,50,840 over the loan term.
Benefits of Using Our Refinance Calculator
✔ Instant Calculation – No manual calculations required.
✔ Compare Loans Easily – See how much you save with refinancing.
✔ Plan Your Finances – Adjust your loan term and rate to find the best option.
✔ Responsive Design – Works on mobile, tablet, and desktop.
✔ Free & Easy to Use – No sign-up required.
When Should You Refinance Your Loan?
📌 If Interest Rates Drop – Lower interest reduces total cost.
📌 If You Need Lower Monthly Payments – Extending the loan term can reduce EMI.
📌 If You Want to Pay Off Faster – Shorter terms can help you become debt-free sooner.
📌 If Your Credit Score Has Improved – Better credit can qualify you for lower rates.
Why Choose Our Loan Refinance Calculator?
🔹 Accurate & Fast Calculations – Get results instantly.
🔹 SEO Optimized for Google Search – Easy to find online.
🔹 User-Friendly Interface – Simple, clean, and responsive design.
🔹 Secure & Free – No data storage or tracking.
Start using the best refinance calculator in India today and save more on your loan!