Home loan balance transfer calculator

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.

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.

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.

Work out what you would pay by staying (current EMI × remaining months), then what you would pay by switching (new EMI × new tenure, plus every switching cost). The difference is your transfer benefit. Keep the same tenure for both, or a lower EMI can hide higher total interest. The calculator does this for you and flags different tenures.

Yes. The maths is the same for any loan: enter the outstanding balance, both interest rates, the tenure and the switching costs. Personal loans often have a foreclosure charge from the current lender, so include it as a switching cost.