See how extra payments help you pay off your home loan early and save interest.
On a ₹30,00,000 balance at 8.5% with 15 years left, paying an extra ₹10,000 a month clears the loan in 9 years 2 months and saves ₹9,98,886.81 in interest.
The Mortgage Payoff Calculator shows what extra payments do to your home loan. Enter your current balance, the interest rate and the remaining term, then add a monthly, yearly or one-off extra payment. It reports the new payoff time, the interest saved and the time saved.
Prepayments are one of the most effective ways to cut a home loan's cost, because every rupee goes straight to principal. Check for prepayment charges on fixed-rate loans (floating-rate home loans for individuals generally have none in India). Compare with refinancing to a lower rate.
The calculator applies the standard financial formulas step by step.
| Item | Amount |
|---|---|
| Loan amount | ₹30,00,000.00 |
| Monthly payment (principal + interest) | ₹29,542.19 |
| Total interest | ₹13,18,706.81 |
| Total of all payments | ₹43,18,706.81 |
| Time to pay off | 9 years 2 months |
| Interest saved by extra payments | ₹9,98,886.81 |
| Time saved | 5 years 10 months |
| Term | 7.5% p.a. | 8.5% p.a. | 9.5% p.a. |
|---|---|---|---|
| 10 years | ₹35,610.53 | ₹37,195.71 | ₹38,819.27 |
| 15 years | ₹27,810.37 | ₹29,542.19 | ₹31,326.74 |
| 20 years | ₹24,167.80 | ₹26,034.70 | ₹27,963.94 |
Often lakhs of rupees and several years on a long home loan. Enter your own figures to see the exact amount.
If the loan rate is higher than the after-tax return you can reliably earn, prepaying wins; otherwise investing may. It also depends on your risk tolerance and tax position.
Reducing the tenure usually saves the most interest. Ask your lender to keep the EMI unchanged.
Floating-rate home loans to individuals generally have none in India; fixed-rate loans may. Check your agreement.
As early as possible — early extra payments avoid the most future interest.
Yes. Use the one-time extra payment box to see its effect.
It uses the standard formula: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1) The full method and a worked example are shown on this page.
No. The calculator gives estimates for planning and learning. Real offers vary by lender, product and date, so confirm the details with your bank, lender or a qualified adviser before deciding.
Yes. The maths is identical in any currency; only the currency symbol shown in the results differs.
No. Everything is calculated in your browser and nothing you enter is uploaded or saved.
