India Refinance Calculator

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Refinance calculator is pretty useful tool to calculate your refinancing loan amount as well as other financial details pertaining to the refinance. This is an automated tool where users provide information on their existing loans as inputs and get information on the refinance amount and others. Every lender has their own refinance calculators which are developed based on the rules and regulations of the lending company.

Types of Refinance Calculators India

There can be several types of refinance and hence there can be several types of refinance calculators as well.
  • Mortgage Refinance Calculator
  • Auto Loan Refinance Calculator
  • Bad Credit Refinance Calculator
  • Cash Out Refinance Calculator
  • Commercial Refinance Calculator

How Does a Refinance Calculator Work?

In a refinance calculator, you need to provide information on your existing loan and the calculator would return you the refinance details. Following are the examples of how refinance calculators work.

Two of the mostly-used refinance calculators have been cited as examples:

Mortgage Refinance Calculator

In mortgage refinance calculator, you provide the details like balance on your current mortgage, current monthly mortgage payment, current mortgage interest rate, the interest rate of the refinance, the number of years of refinance, and the closing cost that you would pay to refinance etc. The calculator would find out every details relating to your refinance including new monthly payment, rate of interest on your current mortgage, rate of interest on refinanced mortgage, and how much you would save through the refinancing etc.

Auto Loan Refinance Calculator

Auto loan refinance calculator would help you to find out the refinancing details on your existing auto loan and at the same time, would also help you to decide whether refinancing would be fruitful for you or not.

Here, you need to provide the details of your existing auto loan like principal balance of auto loan, monthly premium, current interest rate, number of years for refinancing etc. The calculator would return you all the details on the refinancing like monthly premium, monthly savings, rate of interest in the existing loan, refinancing interest rate, and net financing savings etc.