# Refinance Calculator

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.

## Mortgage Refinance Calculator

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.

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#### Example

**A person pays a monthly payment of Rs. 5000 for his loan having a mortgage balance of Rs.10000, which was borrowed at an Interest Rate of 8% and willing to Refinance at the rate of 7% for a period of 3 years without any close amount.**
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