This is all in one Loan Refinance Calculator with prepayment, chart, summary, amortization table and lot of additional features. This Advance Mortgage Refinance Calculator can be used as Home Mortgage Refinance Calculator, Home Renovation Mortgage Refinance Calculator, Personal Loan Refinance Calculator, Car Mortgage Refinance Calculator and Two-Wheeler Mortgage Refinance EMI Calculator. Apart from these it can also be used as Payday Loan Refinance Calculator, Credit Card Loan Refinance EMI Calculator, Small Business Mortgage Refinance Calculator, Agriculture Loan Refinance Calculator, Gold Mortgage Refinance EMI Calculator, Education Loan Refinance Calculator, Consumer Durable Loan Refinance Calculator and many more types of calculators.
Note: (1) There are lot of differences in google sheet and excel spreadsheet. Due to which we have created separate version of spreadsheets. (2) You need to click on “Enable Editing” option when you see “Protected View” default error message in excel spreadsheet.
Refinance Meaning
What is refinance? Refinancing is defined as substituting present debt obligation with new debt obligation based on new terms and conditions. Refinancing might be referred to as debt restructuring underneath financial distress. The refinancing terms vary based on area, state or country. It is based on economic aspects like governmental security of the country, inherent risk, banking rules, projected risk, borrower’s credit score, currency stability and more. In simple words, refinance means renewal, reorganization or replacement of financing option with new terms.
Benefits of Refinancing
You might refinance your loan (debt) for varieties of reasons. Mortgage refinance is chosen based on benefits of refinancing. Benefits or reason may vary from borrower to borrower based on the requirements. Here we will be listing some of the common benefits of refinance for our understanding.
- To take benefit of reduced interest rate.
- Reducing the term or tenure of the loan is another reason for refinance.
- Consolidate another debt(s) in to one debt (loan) is primary reason for refinancing.
- Removing the parties name from the mortgage is another benefit for refinance.
- Reducing EMI (Equated Monthly Installment) payment.
- Switching from a variable interest rates to a fixed interest rates loan.
- Making use of the home equity to take cash-out is important benefits of refinancing.
- Get rid of Private / Personalized Mortgage Type of Insurance (PMI) from a loan.
- Consolidating your house equity line of Credit (HELOC) and first mortgage.
Reducing monthly payment is one the reason for refinancing usually undertaken by borrowers who are under financial trouble. Consolidating multiple debts is one of the benefits of refinancing for easier management. When borrower is paying higher interest on credit cards then he can consolidated into home loan. This will benefit borrower to pay-off dues with mortgage interest with much longer loan tenure.
How Does Refinancing Works?
You can borrow loan for a required amount over number of years at agreed interest rate. EMI payments of loan (debt) are combination of principal and interest payable. Suppose your financial condition changes after few years. You might look for reducing EMI payments, reducing loan tenure or might be extended of it. Under such circumstances, you need to take with lender for refinancing your loan. Mortgage Refinancing is available for wide range of products like: auto refinancing, home refinancing, car refinancing, refinancing personal loan and refinancing of any other mortgage debts.
Refinancing Examples
Let us take an example of refinancing to understand it better. Consider that your current loan balance is 500,000 at 10.50% interest rate. This means that you will be paying monthly 4,992 for next 20 years. Suppose interest rates are lower at 8% now days across financial market. In-case of refinancing with new interest rate you can lower your monthly payments by 809.70 for next 20 years.
Let us take one more refinancing example with about consideration. Assume that your financial condition is good and you wish to reduce the loan tenure by 10 years. You can refinance with new loan term of 10 years. Your monthly payments will increase by 1,754.85 to pay-off your loan in next 10 years. For comparing data you can use loan comparison calculator for evaluating best rate from different banks and institutions.
How to Use Refinance Calculator?
It is extremely simple and easy to use it. You just need to enter few details of current loan like: Loan Balance as of today, Monthly EMI Payment and Annual Interest Rate. Enter Refinance Loan details like: Loan Period, Annual Interest Rate and Start Date of Loan. Rest of all the details like: Current and Refinance Summary, Details of Refinance are automatically updated after entering current and refinance loan details.
Details of Refinance Loan like: loan details, amortization table, loan summary, and charts are automatically updated with latest values. Play it by changing the payment method, adding extra payments and view the customized result for your refinance loan. Get the customized look by changing name of the calculator, company tagline and name of your company. You are not allowed to re-brand, sell or sell as freebies without our written permission. Tool is free for personal use and internal purpose.
Who can Use Refinance Calculator?
Here we have provided Mortgage Refinance Calculator with interactive, colourful amortization table and charts. You can use this all in one Loan Refinance calculator as below calculators.
- Home Loan Refinance Calculator / House Loan Refinance Calculator
- Personal Mortgage Refinance Calculator
- Large / SME / Small Business Loan Refinance Calculator
- Car Loan Calculator / Vehicle Mortgage Refinance Calculator
- Mortgage Refinance Calculator Against Credit Card
- Two-Wheeler Loan Refinance Calculator / Bike Mortgage Refinance Calculator
- Gold Mortgage Refinance EMI Calculator
- Agriculture Refinance Calculator
- Home Renovation Loan Refinance EMI Calculator
- Payday Refinance Calculator
- Credit Card Mortgage Refinance EMI Calculator
- Consumer Durable Mortgage Refinance EMI Calculator
- Education Refinance Calculator
- Product Loan Refinance Calculator
- And Many More Types of Loans.
You can download Advance Mortgage Refinance Calculator excel sheet or google spreadsheet and play with it. Most importantly you can customize Loan Refinance Calculator according to your personalized requirement. Evaluate your refinance loan along with mortgage payoff date and any extra payment / prepayment made by customers. This will really assist you to provide personalized and customized report with interactive data and charts to your customers.