Compare current versus refinanced mortgage payments. This dedicated page is built for fast, clean calculations and search visibility.
Enter your values, click calculate, and see the result instantly. The page uses a simple, focused layout to improve usability on mobile and desktop.
How to use this calculator
- Open the refinance savings calculator page.
- Enter the required values in the form fields.
- Click Calculate to see the result and breakdown.
- Use the related links to explore similar tools.
When refinancing your home loan makes sense
Home loan refinancing (balance transfer) moves your outstanding loan from one lender to another at a lower interest rate. As a rule of thumb, refinancing makes sense when you can save at least 0.5% on the interest rate and have more than 5 years remaining on the loan. For a ₹40 lakh outstanding loan at 9% with 15 years remaining, dropping to 8.25% saves approximately ₹3,40,000 in total interest. Switching costs of approximately ₹30,000 means break-even is about 14 months.
Steps to execute a balance transfer
- Get a balance transfer offer letter from the new lender specifying the new rate and terms.
- Request a No Objection Certificate (NOC) and foreclosure letter from your current lender.
- Collect original property documents (title deed, approved plan) from your current bank.
- The new lender pays off the old loan directly; your old bank releases the property documents.
- The entire process takes 2–4 weeks.
Before initiating a balance transfer, tell your existing lender you have a better rate offer. Most banks will match or come close to the competitor rate — for free, with no processing fees. Many borrowers get rate reductions of 0.25–0.5% simply by presenting a competitor's offer letter.