Refinance Calculator
Compare your current loan against a refinanced loan to see how much you could save on monthly payments and total interest over the loan term.
Current Loan
New Refinance Loan
How to use the Refinance Calculator
- Enter the outstanding loan balance.
- Enter your current rate and remaining tenure.
- Enter the new lender's rate and tenure.
- Click Calculate to compare EMIs and total savings.
Formula used
Worked example
₹30 lakh balance, 15 years left, 9.5% moved to 8.5%
Current EMI ≈ ₹31,327
New EMI ≈ ₹29,542
Monthly saving ≈ ₹1,785; total saving ≈ ₹3.21 lakh
When a balance transfer makes sense
Switching is usually worthwhile when the rate cut is at least 0.5–0.75% and many years remain, because most interest is paid early in a loan. Subtract costs: processing fees (often 0.25–1%), legal and valuation charges, and stamp duty in some states. RBI rules do not allow foreclosure penalties on floating-rate home loans for individuals. Ask your current bank first — many reduce the rate to keep you.
Tips for accurate results
- Keep the same tenure to compare savings fairly.
- Deduct switching fees from total savings.
- Check whether the new rate is fixed or floating.
Frequently Asked Questions
Moving your outstanding loan to another lender at a lower rate.
Not on floating-rate home loans for individual borrowers.
Usually 0.5% or more with long tenure remaining.
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Content reviewed by Vinod, Easy Smart Calculator · Last updated October 2026
Frequently Asked Questions
When does refinancing make sense?
Refinancing typically makes sense when new interest rates are significantly lower than your current rate, and you plan to keep the loan long enough to recoup any refinancing fees.
Are there costs involved in refinancing?
Yes, refinancing usually involves processing fees, legal charges, and sometimes prepayment penalties on the old loan. Factor these into your savings calculation.
Does a longer tenure always mean more savings?
Not necessarily. A longer tenure lowers your EMI but may increase total interest paid. Compare both EMI and total interest to make the best decision.