Interest saved and tenure reduced by paying extra EMI every month.. Loan Prepayment Calculator is a free online tool from the ToolsRift Finance & Health Calculators collection. It runs entirely in your browser — nothing to install, no signup, and your data never leaves your device.
Enter your loan balance, interest rate, current EMI and the extra monthly payment. The calculator shows the interest saved and months cut from your tenure.
Extra payments go straight to principal, so the outstanding balance falls faster. Since interest is charged on the balance, less principal means far less total interest.
This tool keeps the EMI the same and shortens the tenure, which usually saves the most interest. Some lenders instead lower the EMI while keeping the tenure.
Floating-rate home loans in India generally have no prepayment penalty, but fixed-rate or other loans may. Check your loan terms before prepaying.