Smart Refinancing Calculator

What is the Smart Refinancing Calculator?

Refinancing is also a chance to change your tenure. A lower rate combined with a shorter tenure can keep your EMI roughly the same while clearing the loan years earlier and saving much more interest. This refinance calculator compares the two loans in full.

Enter the outstanding amount, current rate and remaining years, the new rate and tenure, and the costs. The result shows the net saving, both EMIs, how the EMI changes and when the loan will close.

How to use the Smart Refinancing Calculator

1. Outstanding Loan (₹) (sample: 28,00,000)
2. Current Rate (% per year) (sample: 9.3)
3. Current Remaining Tenure (years) (sample: 15)
4. New Rate (% per year) (sample: 8.1)
5. New Tenure (years) (sample: 12)
6. Refinancing Costs incl. GST (₹) (sample: 25,000)
7. Press Evaluate Refinancing (results also refresh as you type). The result card shows the Net Saving from Refinancing, along with Interest saved, Current EMI, New EMI and EMI change.

Formula used

Net saving = (Current EMI × current months − New EMI × new months) − Costs

• Break-even = costs ÷ monthly EMI saving (only when the EMI falls)

When the new EMI is higher, the saving comes from repaying faster rather than a lower monthly payment.

Worked example

These are the sample values already filled in the calculator above, and the result it returns for them:

Tips for using the Smart Refinancing Calculator

• Choose a new tenure whose EMI you can comfortably pay.
• A shorter tenure at a lower rate is the most powerful combination.
• Keep some flexibility — you can always prepay a longer loan.