Loan Calculator
Work out monthly payments and total interest for a loan by tenure in months.
Loan details & prepayment savings
💚 Prepayment — see what you save
Monthly EMI
₹8,997
Total interest
₹11,59,342
Total payment
₹21,59,342
Tenure
20y 0m
📅 Repayment schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | ₹18,727 | ₹89,240 | ₹9,81,273 |
| Year 2 | ₹20,484 | ₹87,483 | ₹9,60,789 |
| Year 3 | ₹22,405 | ₹85,562 | ₹9,38,384 |
| Year 4 | ₹24,507 | ₹83,460 | ₹9,13,877 |
| Year 5 | ₹26,806 | ₹81,161 | ₹8,87,070 |
| Year 6 | ₹29,321 | ₹78,646 | ₹8,57,750 |
| Year 7 | ₹32,071 | ₹75,896 | ₹8,25,679 |
| Year 8 | ₹35,080 | ₹72,887 | ₹7,90,599 |
| Year 9 | ₹38,370 | ₹69,597 | ₹7,52,229 |
| Year 10 | ₹41,970 | ₹65,997 | ₹7,10,259 |
| Year 11 | ₹45,907 | ₹62,060 | ₹6,64,352 |
| Year 12 | ₹50,213 | ₹57,754 | ₹6,14,139 |
| Year 13 | ₹54,924 | ₹53,044 | ₹5,59,215 |
| Year 14 | ₹60,076 | ₹47,891 | ₹4,99,140 |
| Year 15 | ₹65,711 | ₹42,256 | ₹4,33,428 |
| Year 16 | ₹71,875 | ₹36,092 | ₹3,61,553 |
| Year 17 | ₹78,618 | ₹29,349 | ₹2,82,935 |
| Year 18 | ₹85,993 | ₹21,974 | ₹1,96,942 |
| Year 19 | ₹94,059 | ₹13,908 | ₹1,02,883 |
| Year 20 | ₹1,02,883 | ₹5,084 | ₹0 |
Downloads carry the MyStudyVerse logo; the schedule reflects your prepayments.
💳More than an EMI number
Most loan calculators stop at the monthly payment. This one shows the part that actually saves you money: prepayment. Add a little extra to each EMI, or a one-time lump sum, and watch how many years — and how much interest — you cut from the loan. On a long home loan, small extra payments early on can save a genuinely life-changing amount.
💚How prepayment saves so much
Every rupee of prepayment goes straight to the principal. Because interest is charged on the outstanding balance, cutting the balance early means you stop paying interest on that amount for the entire remaining tenure. That's why prepaying in the first years saves far more than the same amount prepaid near the end.
- Extra every month — round up your EMI; even a small top-up compounds into big savings.
- One-time lump sum — put a bonus or tax refund straight onto the loan and see the payoff date jump forward.
- The result panel shows your new tenure, new total interest, and exactly how much you save.
🧮The EMI formula behind it
P is the loan amount, r the monthly interest rate (annual ÷ 12 ÷ 100), and n the number of months. The calculator then simulates the loan month by month, applying your extra payments to the balance, to find the accelerated payoff and interest saved.
💡Before you prepay
- Check for prepayment or foreclosure charges — floating-rate home loans usually have none.
- Prepaying early in the tenure saves the most; late prepayment saves little.
- Keep an emergency fund — don't put every spare rupee into the loan.
- Compare the interest saved against returns you'd get by investing the same money.
💡 Frequently Asked Questions
How does loan prepayment save money?+
Extra payments reduce the outstanding principal directly. Since interest is charged on the balance, a lower balance means less interest for the rest of the loan — shortening the tenure and cutting total interest.
Is it better to prepay monthly or as a lump sum?+
Both help. A regular monthly top-up chips away steadily, while a lump sum makes a big immediate dent. This calculator lets you combine both and shows the total saving.
How is the EMI calculated?+
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual ÷ 12 ÷ 100) and n is the number of months.
Does prepaying always make sense?+
Usually yes for high-interest loans, but check for prepayment charges and keep an emergency fund. If you could earn more by investing the money than the loan's interest rate, investing may be better.