Loan Refinance Calculator
Refinancing means replacing your current loan with a new one at a lower rate or different tenure. Enter both loans to compare monthly payments, find the break-even month and see the total net benefit before you decide.
Current Monthly Payment
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New Monthly Payment
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Monthly Saving
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Break-even Month
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Net Benefit Over New Term
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How to use
- Enter your current balance, rate and remaining months.
- Enter the new loan rate, term and all fees.
- See the monthly saving and break-even month — the fees are recovered in that many months of saving.
- If the net benefit is negative, do not refinance, even if the rate is lower.
Note
A longer new term lowers the monthly payment but can increase total interest — that is why the net benefit line is on the total of the term, not only the installment.