Loan Details

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50 Lakhs
%
8.5%
20 Years
60 Months (5 Years)
5 Lakhs
One-Time Prepayment
Regular Monthly Extra
Annual Bonus Payment
Partial Foreclosure

Prepayment Impact Analysis

Real-time calculations
Total Interest Saved
8.75 Lakhs
Over remaining tenure
Tenure Reduction
3 Years 4 Months
Early loan closure
New EMI Amount
36,420
After prepayment

Before vs After Prepayment

Parameter Original Plan After Prepayment Difference
Remaining Tenure 15 Years 11 Years 8 Months -3 Years 4 Months
Total Interest Payable 28.45 Lakhs 19.70 Lakhs -8.75 Lakhs
Total Payment 78.45 Lakhs 69.70 Lakhs -8.75 Lakhs
Monthly EMI 43,692 36,420 -7,272

Interest Savings Visualization

Original Interest
After Prepayment
Original Interest: 28.45 Lakhs
After Prepayment: 19.70 Lakhs

Smart Prepayment Tips

  • Check prepayment charges: Most banks allow 1-2% of prepayment amount as charges
  • Consider tax benefits: Home loan interest deduction up to 2 Lakhs under Section 24
  • Compare with investment returns: If your investments yield higher returns than loan interest, invest instead
  • Emergency fund first: Maintain 6-12 months of expenses before aggressive prepayment
  • Partial foreclosure: Reduces principal significantly, leading to higher interest savings

Note: Calculations assume no changes in interest rates. Actual savings may vary based on bank policies and prepayment rules.