Free Loan Refinance Calculator
Refinancing a loan can save real money — or cost it, once you factor in processing fees. This tool compares your existing loan against a new offer side by side, quantifies the interest saved and tells you the breakeven month if there are upfront fees.
Results
Break-even on refinancing fee: month 4.
Disclaimer: This calculator provides estimates only and does not constitute financial advice. Actual loan terms may vary by lender.
About the Loan Refinance Calculator
When refinancing makes sense
Rule of thumb: refinance if the new rate is at least 0.5–1% lower than your current rate and you'll hold the loan long enough to recover the switching fees. This calculator gives you the exact breakeven month so you don't have to guess.
What the breakeven month means
If refinancing has an upfront fee and your new EMI is lower, you save a fixed amount each month. Breakeven month = Fee ÷ Monthly Savings. Only after that month does the refinance actually put money back in your pocket.
Beyond the number
The calculator shows financial savings only. Also weigh: tenure change (a longer tenure can lower EMI while raising total interest), prepayment penalty on the existing loan, and any documentation cost the lender doesn't advertise.
Frequently asked questions
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