Refinance Calculator

They describe largely the same action — moving your loan to a new rate or lender — but this calculator frames it more broadly (including switching to a different lender, restructuring tenure, or renegotiating with your current lender), while Balance Transfer specifically models moving the outstanding balance to a new lender.

Factor in any processing fees, foreclosure/prepayment charges on the old loan, and new loan setup costs — these switching costs can offset some or all of the interest savings from a lower rate.

Generally when the new rate is meaningfully lower than your current rate, you have significant tenure remaining, and the switching costs are small relative to the interest you'd save.

It can — refinancing often restarts the amortization schedule, so even with a lower rate, extending back to a long tenure can mean paying more total interest over time despite a lower EMI.

For comparing multiple potential new loans against each other (rather than against your current loan), use the Loan Comparison calculator.