Mortgage Refinance Calculator
Decide whether a home loan balance transfer is worth it: enter your current loan, the new rate, and switching costs โ get the monthly saving, total saving, and the break-even month.
๐ Refinance / Balance Transfer Calculator
Processing + MODT + legal
The Break-Even Rule
Refinancing trades costs today for a lower rate later. The break-even month = switching costs รท monthly EMI saving. If you'll keep the loan well past break-even, switch; if you plan to prepay or sell soon, the move may not pay for itself.
What Switching Actually Costs in 2026
- Processing: 0.25โ0.5% + GST
- MODT stamp duty: 0.1โ0.5% (state-specific)
- Legal + valuation: โน5,000โ15,000
- Foreclosure on old loan (floating-rate, individual): Zero (RBI rule)
Budget roughly 1โ2% of balance all-in.
Three Situations Where Refinancing Wins Big
- Stuck on MCLR or base rate: loans from before 2020 run 0.75โ1.5% above today's repo-linked rates. Ask your bank for an internal EBLR switch first (fee: a few thousand, no MODT).
- Early-to-mid tenure with fat balance: rate cuts act on outstanding over remaining years โ 8โ10ร more impact.
- Your credit profile improved: at 780 score today you're a different risk grade โ lenders compete with finest rates.
Frequently Asked Questions
Refinance or renegotiate with my current bank?
Always renegotiate first. Banks have retention desks; a competing offer often produces a rate cut for just โน3,000โ6,000 flat fee โ zero MODT/legal costs.
Does balance transfer hurt my credit score?
One hard inquiry plus account closure/opening โ transient dip that recovers within months of clean payments.