Loan Prepayment Calculator
How much interest do I save if I pay extra on my home or car loan?
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Fill in the boxes above to see the answer.
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Questions
Is it better to reduce EMI or tenure?
Keeping the same EMI and finishing early saves much more interest. Lower EMI helps if your monthly budget is tight.
Is there a fee for prepaying?
Banks cannot charge a prepayment fee on floating-rate home loans taken by individuals. Fixed-rate and some other loans may have a fee – ask your bank.
When should I prepay?
Earlier is better. In the first years most of your EMI goes to interest, so extra money then cuts the most interest.