Enter Loan and Transfer Details
Example Data Table
| Current Balance | Current APR | Promo APR | Promo Months | New APR | New Term | Transfer Fee % | Flat Fee |
|---|---|---|---|---|---|---|---|
| $18,000 | 14.50% | 5.99% | 12 | 8.75% | 36 | 3.00% | $150 |
| $9,500 | 12.20% | 0.00% | 6 | 7.90% | 24 | 2.50% | $95 |
| $24,000 | 16.80% | 4.50% | 18 | 9.10% | 48 | 4.00% | $200 |
Formula Used
1. Required monthly payment: Payment = P × r ÷ (1 − (1 + r)−n) where P is balance, r is monthly rate, and n is months.
2. Transfer fee amount: Fee = (Current Balance × Transfer Fee %) + Flat Fee.
3. New principal after transfer: New Principal = Current Balance + Transfer Fee Amount.
4. Interest each month: Monthly Interest = Remaining Balance × Monthly Rate.
5. Total savings: Total Savings = Current Remaining Cost − Transferred Loan Total Cost.
How to Use This Calculator
- Enter your current loan balance, APR, remaining months, and current payment if known.
- Add the transfer fee percentage and any flat processing charge.
- Provide the promotional APR, promotional duration, and the new APR after the promotion ends.
- Choose the new term length and any extra payment you plan to add monthly.
- Press the calculate button to compare the current loan with the transferred loan.
- Review total cost, interest saved, months saved, and the fee recovery estimate.
- Use the CSV or PDF buttons to save the comparison.
Frequently Asked Questions
1. What does a balance transfer mean for a personal loan?
It means replacing an existing loan balance with a new loan that may offer lower rates, a better term, or improved monthly affordability.
2. Why are transfer fees important?
Fees increase the amount you refinance. Even a lower APR can become less attractive when percentage fees and flat charges raise the new principal.
3. Should I always choose the lowest promotional APR?
Not always. You should compare the full loan cost after the promotion ends, because later rates and fees may outweigh short-term promotional savings.
4. How does extra monthly payment affect the result?
Extra payment reduces principal faster, lowers interest, and may shorten the payoff period in both scenarios. It often changes whether the transfer saves money.
5. What if I leave current monthly payment blank?
The calculator estimates the required payment using your balance, APR, and months remaining. That creates a more standardized comparison.
6. Can a longer new term still save money?
Sometimes, but longer terms usually increase total interest. Savings are more likely when the rate drops enough and added fees remain manageable.
7. Is this calculator a lending approval tool?
No. It is a planning tool for comparing repayment scenarios. Actual offers, underwriting, and fees will depend on the lender.