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Balance transfer
Another lender offers a lower rate. Is it worth moving the loan once you pay the processing fee and charges?
Switching saves $19.9K after fees
Your EMI drops by $119, from $2,088 to $1,969. The $1,500 in fees is earned back by month 13.
Ask your current lender to match 8.5% first: a rate cut there usually costs a small fee and no paperwork.
$
%
%
yrs
%
% of the balance.
$
Legal, valuation, stamp duty on the new mortgage.
Interest over the rest of the loan
Same balance, same 15 years left. The new loan costs $1,500 up front.
Total interest plus fees
Switch to 8.5%$156K
Stay at 9.5%$176K
Switching costs $19.9K less overall.
EMI saving
$119
a month
Total fees
$1.5K
Fees earned back
Month 13
of 180
How this is calculated
We compare the EMI on the same balance over the same remaining tenure at each rate, and subtract the fees from the interest saved.
saving = (EMI at 9.5% − EMI at 8.5%) × 180 − fees
fees = 0.5% × $200,000 + $500 = $1,500
fees = 0.5% × $200,000 + $500 = $1,500
Floating rates can change after you switch, at either lender. Some lenders also charge foreclosure fees on the old loan; add them to the other charges if so.