Your details
About the Personal Loan Balance Transfer Calculator
Personal loan rates vary enormously between lenders for the same borrower, and a credit score that has improved since you first borrowed can unlock a much better rate. Transferring is straightforward: the new lender pays off the old loan and you service them instead.
Watch two costs. The new lender charges a processing fee of 1–3%, and because most personal loans are fixed rate, your existing lender may levy a foreclosure charge of 2–5% — that one belongs in the transfer cost box above.
The formula
A transfer only pays if you keep the loan beyond the break-even point.
Things worth knowing
Frequently asked questions
Yes. The new lender pays off your outstanding balance directly and you repay them at the lower rate. You need a foreclosure letter from the existing lender showing the exact payoff amount.
Most lenders require 6–12 EMIs to have been paid before they will allow foreclosure, and the new lender will want to see that clean repayment record anyway.
Explore every calculator
55 free tools across loans, tax and investments — all with the full working shown.