Loan Balance Transfer Checker
Find out if refinancing to a lower rate saves money after fees. Works for home/personal/auto loans.
Loan Details
New Lender
Transfer Mode
We compare remaining interest on the current loan vs interest on the new loan plus all fees. Break-even month is when cumulative interest saved exceeds total fees. This is an approximation based on amortization schedules.
Results
New Loan — First 12 Months
| Month | EMI | Interest | Principal | Balance |
|---|
What this tool does
Thinking about refinancing your existing loan? This checker compares the interest you’ll pay if you stay versus the interest on a new loan plus all fees (processing, foreclosure, legal). You’ll instantly see:
- Current vs new EMI
- Interest left if you stay
- Interest if you transfer
- Total fees
- Net savings and break-even month
Works with home, personal, and auto loans. Supports INR, USD, EUR, and GBP.
How to use it (2 ways)
- I know my current outstanding
Enter outstanding principal, remaining months, current interest rate, and (optionally) your current EMI. - I know my original loan
Enter original amount, original rate and tenure, and months already paid—we’ll estimate today’s outstanding.
Then add your new lender’s rate, desired tenure, and fees. Choose:
- Keep tenure same (lower EMI), or
- Keep EMI same (shorter tenure)
Hit Check Savings to see your results and download the first-year schedule as CSV.
What counts as fees?
- Processing fee (flat or % of outstanding)
- Foreclosure / prepayment charges
- Other costs (legal, valuation, courier, etc.)
We include all of these before showing your net savings.
When a balance transfer makes sense
- Your new interest rate is meaningfully lower (typically ≥ 100–150 bps).
- You have several years left on the loan, so interest savings compound.
- Fees are low enough that the break-even arrives early in the new tenure.
When to think twice
- You’re near the end of tenure (little interest left to save).
- Foreclosure penalties or processing fees are high.
- New lender’s rate is only marginally lower than your current rate.
Example
You owe ₹15,00,000 for 180 months at 10.5% p.a. If a new lender offers 8.5% with minimal fees, you’ll usually see a lower EMI (same tenure) or a shorter payoff period (same EMI). The tool shows exact numbers and your break-even month.
Tips for best results
- Match the new tenure to your goal: lower EMI (same tenure) or faster closure (same EMI).
- Enter all fees honestly—this tool is conservative on purpose.
- Re-run the check whenever rates move.
Frequently Asked Question
1. Is credit score impacted by a balance transfer?
A transfer involves a fresh loan inquiry; a small, temporary score impact is possible. Timely EMIs typically offset this over time.
2. Can I prepay after transferring?
Many lenders allow part-prepayment with reduced or no charges—confirm before signing.
3. Does the tool handle flat-rate loans?
Results are most accurate for reducing balance loans (standard for mortgages and most personal/auto loans). Flat-rate quotes are approximations.
4. Which currency should I pick?
Choose the currency in which your loan is serviced. Display values are formatted accordingly.
Add-On Tools
1. EMI Calculator
Want to calculate EMI for a fresh loan? Use our EMI Calculator to find out monthly payments, total interest, and repayment schedules. Supports multiple currencies.
2. EPF Calculator
Plan your retirement with ease. Try our EPF Calculator to estimate your Employees’ Provident Fund maturity value, interest earnings, and contributions over time.