Loan Payoff Calculator
Calculate how extra EMI payments reduce loan tenure and total interest on home, car, and personal loans.
Loan Payoff Calculator
Loan & Extra Payment
See how prepayment saves time and interest
Payoff Savings
Smart Insights
Personalized takeaways from your numbers.
Real-Life Examples
₹10L · 8.5% · ₹5K extra
The Formula Behind It
Interest saved = Original total interest − New total with extra paymentsHow It Works
- Enter your loan principal, interest rate, and original tenure.
- Add your planned extra monthly payment amount.
- View months saved and total interest saved.
- Compare original vs accelerated payoff timeline.
About Loan Payoff Calculator
The Loan Payoff Calculator shows how extra EMI or prepayment reduces your loan tenure and total interest. Whether you have a home loan, car loan, or personal loan, even modest extra payments can save lakhs over the loan life.
How Prepayment Works
Extra payments go directly toward principal, reducing the balance on which interest is calculated. The effect compounds — each month you owe less interest, so more of your regular EMI attacks principal.
Indian Home Loans
Most Indian banks allow partial prepayment on floating-rate home loans without penalty. Use this tool to model ₹2,000, ₹5,000, or ₹10,000 extra per month and see your new payoff date.
Frequently Asked Questions
How do extra loan payments save money?
Extra payments reduce principal faster, which lowers interest charged on remaining balance. Even one extra EMI per year can save significant interest.
Should I reduce EMI or tenure when prepaying?
Most lenders let you choose. Reducing tenure saves more total interest; reducing EMI lowers monthly burden. This calculator shows tenure reduction.
Does prepayment always make sense?
Compare loan interest rate to potential investment returns. If investments earn more than your loan rate after tax, investing may be better.
Are there prepayment penalties?
Some loans charge fees for early payoff. Check your loan agreement before making large prepayments.
How much can I save with ₹5,000 extra per month?
Use this calculator with your loan amount, rate, tenure, and extra payment to see exact months and interest saved.
Works for Indian loans?
Yes. Enter amounts in rupees with standard EMI amortization math used by Indian banks.