Loan balance transfer calculator
See whether moving your loan to a lower rate still saves money after switching costs.
- Free, no sign-up
- Inputs stay on your device
- Formulas published
Net saving from switching
₹3,04,420
Switching saves ₹3,04,420 overall and pays for itself by month 10.
- Current EMI
- ₹31,327
- New EMI
- ₹29,542
- New EMI is
- ₹1,785 lower
- Total switching costs
- ₹16,800
- Stay: total remaining EMIs
- ₹56,38,813
- Switch: EMIs + switching costs
- ₹53,34,394
Break-even: Month 10 (10 mo)
Assumptions behind this estimate
- Both rates stay fixed for the rest of the loan. Floating rates can change on either loan.
- The full outstanding principal moves to the new lender; no top-up loan is included.
- Switching costs are paid upfront, at the time of transfer.
- Break-even is the first month in which the EMI savings add up to the switching costs.
- Savings are in nominal rupees and do not adjust for the time value of money.
Net saving from switching
₹3,04,420
How this works
How we compare staying with your current lender against switching, including all switching costs, net saving and the month the switch pays for itself. Read the full methodology, formulas and sources.
Your inputs are processed only in your browser. We don't store or send them anywhere.
Frequently asked questions
When is a balance transfer worth it?
When the interest you save over the remaining loan is clearly more than the total cost of switching — processing fee, GST, legal and valuation fees, stamp duty and any foreclosure charge. The larger the balance and the longer the remaining tenure, the more a rate cut is worth.
What is the break-even month?
The first month in which the EMI savings add up to what you paid to switch. If you might close or sell before then, the transfer may not pay off.
Should I ask my current lender first?
Many borrowers ask their current lender to reduce the rate before switching. If they agree, you may avoid most switching costs. Enter any conversion fee as a switching cost to compare.
Related
- Loan Prepayment CalculatorFind out how much a part-prepayment saves, and whether to cut your EMI or your tenure.
- Loan True Cost & APR CheckerSee what your loan offer really costs once fees, GST and other charges are included.
- EMI CalculatorWork out your monthly EMI, total interest and full repayment schedule.
Last reviewed · Reviewed by ClearRupee Editorial Team