Quick examples
New Monthly Payment
$1,703
Monthly Savings
$417
Break-even
12 mo
Lifetime Savings
$17,889
New loan payment schedule
Amortization after refinance — calendar year, month-wise & Indian FY
Total EMI
$613,212
Principal
$300,000
Interest
$313,212
Closing balance
$0
| Period | Span | Total EMI | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 2026 | 4 payments | $6,813 | $1,323 | $5,491 | $298,677 |
| 2027 | 12 payments | $20,440 | $4,116 | $16,325 | $294,562 |
| 2028 | 12 payments | $20,440 | $4,348 | $16,092 | $290,214 |
| 2029 | 12 payments | $20,440 | $4,593 | $15,847 | $285,620 |
| 2030 | 12 payments | $20,440 | $4,852 | $15,588 | $280,768 |
| 2031 | 12 payments | $20,440 | $5,126 | $15,314 | $275,642 |
| 2032 | 12 payments | $20,440 | $5,415 | $15,025 | $270,226 |
| 2033 | 12 payments | $20,440 | $5,721 | $14,720 | $264,506 |
| 2034 | 12 payments | $20,440 | $6,043 | $14,397 | $258,462 |
| 2035 | 12 payments | $20,440 | $6,384 | $14,056 | $252,078 |
| 2036 | 12 payments | $20,440 | $6,744 | $13,696 | $245,334 |
| 2037 | 12 payments | $20,440 | $7,125 | $13,316 | $238,209 |
| 2038 | 12 payments | $20,440 | $7,527 | $12,914 | $230,682 |
| 2039 | 12 payments | $20,440 | $7,951 | $12,489 | $222,731 |
| 2040 | 12 payments | $20,440 | $8,400 | $12,041 | $214,331 |
| 2041 | 12 payments | $20,440 | $8,874 | $11,567 | $205,457 |
| 2042 | 12 payments | $20,440 | $9,374 | $11,066 | $196,083 |
| 2043 | 12 payments | $20,440 | $9,903 | $10,537 | $186,180 |
| 2044 | 12 payments | $20,440 | $10,462 | $9,979 | $175,718 |
| 2045 | 12 payments | $20,440 | $11,052 | $9,389 | $164,666 |
| 2046 | 12 payments | $20,440 | $11,675 | $8,765 | $152,991 |
| 2047 | 12 payments | $20,440 | $12,334 | $8,107 | $140,658 |
| 2048 | 12 payments | $20,440 | $13,029 | $7,411 | $127,628 |
| 2049 | 12 payments | $20,440 | $13,764 | $6,676 | $113,864 |
| 2050 | 12 payments | $20,440 | $14,541 | $5,900 | $99,323 |
| 2051 | 12 payments | $20,440 | $15,361 | $5,079 | $83,962 |
| 2052 | 12 payments | $20,440 | $16,228 | $4,213 | $67,734 |
| 2053 | 12 payments | $20,440 | $17,143 | $3,298 | $50,591 |
| 2054 | 12 payments | $20,440 | $18,110 | $2,331 | $32,482 |
| 2055 | 12 payments | $20,440 | $19,131 | $1,309 | $13,350 |
| 2056 | 8 payments | $13,627 | $13,350 | $277 | $0 |
| Total | $613,212 | $300,000 | $313,212 | $0 | |
Mortgage Refinance Calculator — Quick Reference
The Mortgage Refinance Calculator is an online tool that compare current mortgage vs refinanced loan to see savings and break-even point. Everything for the Mortgage Refinance Calculator is on this page: the interactive calculator, the formula, a worked example, step-by-step guidance, and frequently asked questions — no other pages required.
At a glance
- Main inputs
- Home price or rent
- Loan rate and down payment
- Holding period
- Main outputs
- Affordable payment
- Total cost of rent vs buy
- Yield or equity
Direct answers
What is the Mortgage Refinance Calculator?
The Mortgage Refinance Calculator is an online tool that compare current mortgage vs refinanced loan to see savings and break-even point.
What formula does the Mortgage Refinance Calculator use?
Savings = (old total interest − new total interest) − closing costs
How does the Mortgage Refinance Calculator work?
Compares current EMI vs new rate/term, factoring closing costs to find break-even and lifetime savings.
Formula Used
The equation below is what this calculator applies. Variable definitions follow when symbols are used.
Equation
Savings = (old total interest − new total interest) − closing costs
Additional rules
- break-even = costs / monthly savings
Worked Example: Refinance $300K from 7% to 5.5%, $4K closing costs
Sample inputs and the results this calculator produces for the scenario below.
Inputs
- Remaining Balance
- $300,000
- Old Rate
- 7%
- New Rate
- 5.5%
Results
- Monthly Savings
- ~$280
- Break-even
- ~14 months
Refinancing pays off when interest savings exceed closing costs before you sell or pay off the loan.
How Mortgage Refinance Calculator Works
Compares current EMI vs new rate/term, factoring closing costs to find break-even and lifetime savings.
What to enter
Use the calculator above to set your amounts, rates, and tenure. Results update as you move sliders or type values — switch currency if you are planning in USD, INR, or another supported unit.
Step-by-step
- Open the Mortgage Refinance Calculator and enter your amounts, rates, and time period in the input fields.
- Review the results panel — totals update instantly when you change any value.
- Compare the worked example and formula below to verify the math matches your scenario.
- Read the FAQs for common edge cases, tax notes, and planning tips specific to this calculator.
Refinance — Frequently Asked Questions
Each question is answered directly below. Expand any item for the full response.
When does refinancing a mortgage make sense?
Refinancing usually makes sense when the new rate is lower enough to offset all switch costs and you expect to hold the loan long enough to cross the break-even point. The decision is stronger when there is still a meaningful tenure left on the original loan.
What is the break-even period in refinancing?
It is the number of months needed for monthly savings to recover the one-time refinance costs. If you may move, sell, or prepay before that point, the refinance may not be worth it.
Can refinancing lower EMI but still cost more overall?
Yes, especially if the new loan resets a longer tenure. Monthly cash flow improves, but the total interest paid over the life of the loan can still rise.
What should I compare besides the new interest rate?
Compare processing fees, legal charges, insurance, pre-closure costs on the current loan, and whether the lender allows flexible prepayment afterward. A headline rate cut is only part of the picture.
Disclaimer
- This calculator gives you an estimate only. It is not a promise of exact results.
- This is general information, not personal financial, tax, or legal advice.
- You are responsible for your own decisions. Talk to a qualified professional when it matters.
- Property costs like stamp duty, taxes, and maintenance are often not included here.
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