Refinance Calculator | Mehmi Financial Group

Mehmi Financial Group

Refinance Calculator

Q: What is a cash-out refinance?

A cash-out refinance allows you to pull cash from equity while refinancing your business loan.

Determine if refinancing makes financial sense. Compare loan and lease structures, calculate true savings, and access equity.

Loan Refinance Comparison

Compare your current loan to a new refinanced loan. See the monthly savings, total interest savings, and whether refinancing makes sense for your situation.

Monthly Payment Savings

Enter loan details to compare

Current Loan

Remaining Balance Current APR (%) Remaining Term (Months)

New Loan

New Loan Amount New APR (%) New Term (Months)

Side-by-Side Comparison

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Savings Summary

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Interest Savings

Rate Reduction

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Term Change

Rate Drop: Generally worth refinancing if rates have dropped 1%+ since your original loan.

Improved Credit: Better business credit may now qualify you for a lower rate.

Cash Flow Needs: Extend the term to lower monthly payments if cash flow is tight.

Prepayment Penalties: Check if your current loan has early payoff fees — these erode savings.

Closing Costs: Factor in origination and legal fees on the new loan before committing.

Time Remaining: Refinancing makes less sense if you're within 12 months of payoff.

Lease Refinance Comparison

Compare your current equipment lease to a new lease structure. See the monthly savings, total cost difference, and whether restructuring your lease makes sense.

Monthly Payment Savings

Enter lease details to compare

Current Lease

Remaining Cap Cost Current APR (%) Remaining Term (Months) Current Residual ($)

New Lease

New Cap Cost Down Payment ($) New APR (%) New Term (Months) Advance Payments Residual Type Residual (%) Residual ($)

Side-by-Side Comparison

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Calculating…

Savings Summary

Monthly Savings

Interest Savings

Rate Reduction

All-In Savings

Rate Drop: If market rates have fallen since your original lease, a new money factor can meaningfully reduce monthly payments on trucks and heavy equipment.

Term Extension: Restructuring into a longer term can lower payments and free up cash flow for operations or growth.

Residual Adjustment: Changing the residual value at end of term can shift the payment structure to better fit your buyout or return plans.

Early Termination Fees: Most equipment leases carry penalties for early exit — get the buyout figure from your current lessor before proceeding.

Equipment Condition: Lenders will assess the current fair market value of the equipment, which affects the new cap cost and approval terms.

CCA Impact: Switching lease structures mid-term may affect your Capital Cost Allowance deductions for the tax year — consult your accountant.

*All amounts in Canadian dollars. Estimates only—this is not a financing offer or approval. Taxes (GST/PST/HST) NOT included.

Use this refinance calculator to compare your current business loan to a new loan and estimate your monthly payment change, total interest difference, and break-even point after fees. This tool is designed for Canadian business owners who want to improve cash flow, lower their rate, or restructure payments without guessing.

What this calculator helps you estimate

Monthly payment change between your current loan and a new loan
Total interest paid over each term
Break-even months based on refinance fees
Cash-out refinance proceeds and the cost of pulling cash from equity

FAQs

Everything you need to know about how this calculator works, what the results mean, and what is included. If you need a quote or help reviewing your numbers, feel free to contact our credit analysts.

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What does break-even mean for refinancing?

Break-even is the number of months it takes for monthly savings to cover refinance fees. After that point, savings are net positive.

Should I refinance if my monthly payment drops but the term gets longer?

It depends. A longer term can help cash flow, but total interest may increase. Compare total cost, not just the payment.

What fees should I include in closing costs?

Common costs include lender fees, documentation fees, legal costs, appraisal fees for secured lending, and any prepayment penalty from the current loan.

What is a cash-out refinance?

A cash-out refinance replaces your existing loan with a larger one and gives you the difference as cash, minus fees.

Does refinancing affect approval for future borrowing?

It can. A new loan may change your debt service and collateral position, which can affect future credit decisions.

Is the calculator accurate for all loan types?

It is a general estimate. Some loans have different payment structures, fees, or daily interest calculations that can change results.

Disclaimer:
This Truck & Heavy Equipment Financing Calculator is provided for informational purposes only. It offers estimates based on the information provided and current average rates, which may vary depending on individual creditworthiness, lender policies, market conditions, and other factors. This calculator does not constitute a loan offer, lease offer, or approval from Mehmi Financial Group or its affiliates. Please contact Mehmi Financial Group directly to confirm current rates, terms, and actual financing availability. Mehmi Financial Group accepts no liability for decisions made using this calculator.

Refinance Calculator

Loan Refinance Comparison

Side-by-Side Comparison

Savings Summary

Lease Refinance Comparison

Side-by-Side Comparison

Savings Summary

Cash-Out Refinance

Cash-Out Summary

New Loan Details

True Cost of Cash-Out

FAQs

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