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See what a lump sum or extra monthly payment does to your loan. Compare keeping the EMI and finishing sooner against lowering the EMI and keeping the end date.
Move a slider or type a number. Everything updates instantly, and the link above carries your values so you can share or save them.
Fifty lakh
Balance right now: ₹48,03,945
Five lakh
Optional. Even a small regular top-up shortens the loan a lot.
Keeping the EMI and shortening the loan almost always saves more interest. Lowering the EMI helps monthly cash flow instead.
Interest you save
₹16,05,555
and you finish 3 yr 10 mo early
Keeping the EMI and cutting the tenure saves ₹10,94,195 more than lowering the EMI would.
The early years of a loan are almost all interest, so a rupee prepaid in year two is worth far more than the same rupee in year twelve. Also check your sanction letter: floating rate home loans for individuals carry no foreclosure charge, but personal and car loans usually do.
Balance after k months = P(1+r)^k - EMI x ((1+r)^k - 1)/r. Then reduce either the tenure or the EMI.
Nothing is hidden. The same formula runs in a shared, unit-tested library used by every calculator on this site.
These numbers are indicative. Your actual offer depends on the lender.
This calculator assumes the rate stays the same for the whole tenure. Most loans in India are floating rate, so your EMI can move when the RBI changes rates. Tell us your real situation and we will give you a figure you can plan around.
Questions
What people ask us most about this calculation.
We will tell you which lenders are likely to say yes to your file, and at roughly what rate, before you apply anywhere.
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