Mortgage loans are usually entered by home buyers without sufficient cash to purchase the home. The replacement of an existing debt obligation with another debt obligation under different terms is refinancing. Refinancing a mortgage means paying off an existing loan and replacing it with a new one. Here is an Online Mortgage Refinance Calculator for Refinancing a mortgage. based on Principal mortgage balance, Monthly Payment, Interest Rate, and New Refinance Loan.
Monthly payment if you refinance= Rs. 308.771
Monthly payment reduction= Rs.4691.229
Interest you will pay under your current mortgage= Rs.101.1141
Interest you will pay if you refinance=Rs.1115.7549