Loan Details
Payoff Timeline
| Year | Amount Paid | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|---|
| Your year-by-year breakdown appears here after you calculate. | ||||
Click a year to see the month-by-month breakdown. Amounts may vary slightly due to rounding and actual days in each month.
Enter your loan details and tap Calculate payoff to see your payoff date, interest saved and year-by-year timeline.
Frequently Asked Questions
How does an extra payment reduce my loan term?
Every rupee you pay above the interest charged for the month goes straight to principal. A smaller principal means less interest accrues the next month, so an even larger share of your fixed EMI then goes to principal. This compounding effect shrinks the outstanding balance faster and the loan ends years before its scheduled term.
Is it better to make extra monthly payments or a yearly lump sum?
A fixed amount paid every month saves slightly more interest than the same total paid once a year, because the principal drops earlier and stays lower for longer. In practice the difference is small, so the better option is whichever one you can sustain. Use the Compare tab to test both against your own numbers.
Will this calculator work for all types of home loans?
It is built for floating and fixed rate reducing-balance home loans where interest accrues on the daily outstanding balance, which covers most Indian home loans. It is not intended for flat-rate loans, overdraft or home-saver accounts, or step-up EMI structures.
Does the interest rate remain the same throughout the loan?
The calculator assumes the rate you enter stays constant for the whole tenure. Floating rates change when the benchmark moves, so re-run the calculation with your current rate whenever your bank revises it to keep the payoff date accurate.
Can I change my repayment schedule later?
Yes. Prepayments are not a lock-in. You can start, increase, pause or stop extra payments at any time, and most lenders allow part-prepayment of floating rate home loans with no penalty. Re-run this calculator with your new figures to see the updated timeline.
Good to know
Even small extra payments can make a big difference over time. Use this calculator to find the prepayment strategy that fits your budget.
Loan Details
Payment Scenarios
Add a few repayment strategies and see which one clears your loan for the least total cost. Turn a scenario off to leave it out of the comparison.
Guide: Paying Off Your Home Loan Faster
A home loan prepayment is any amount you pay towards your loan on top of the scheduled EMI. Because Indian home loans are reducing-balance loans, that money comes off your principal immediately and stops accruing interest for the rest of the tenure. The earlier and more consistently you prepay, the larger the saving.
How this calculator works
Most EMI calculators apply a flat monthly interest rate. This tool instead accrues interest daily on the outstanding balance (annual rate ÷ 365), then multiplies by the actual number of days in each calendar month, which is how banks and NBFCs actually charge interest. It then applies your EMI, any extra monthly payment, an optional yearly increase to that extra amount, and an optional yearly lump sum, month by month, until the balance reaches zero.
Ways to prepay
- Fixed extra every month — the simplest habit; even ₹2,000–₹5,000 a month compounds into years off the tenure.
- Step up the extra amount yearly — increase your prepayment as your income grows to keep pace with inflation.
- Annual lump sum — direct your bonus or tax refund straight to principal once a year.
Things to check with your lender
- Floating rate home loans have no prepayment penalty in India; fixed rate loans may.
- Ask whether a prepayment reduces your EMI or your tenure — choosing tenure reduction usually saves the most interest.
- Keep an emergency fund before aggressively prepaying, and weigh the guaranteed interest saving against other investments.
This calculator is for planning and educational purposes. Confirm the final figures with your lender's amortization statement.