Model the full life of any home, car or personal loan — EMI, amortization, part-prepayments that cut tenure or EMI, fees and all. Down to the last rupee.
Add one-off prepayments on any month, each set to reduce tenure (same EMI, loan ends sooner) or reduce EMI (same end date, lighter monthly outgo). Plus an optional yearly bonus prepayment.
Indian lenders use the reducing-balance method: each EMI first pays that month's interest on the outstanding balance, and the rest chips away the principal. The formula is EMI = P × r × (1+r)n / ((1+r)n − 1), where r is the monthly rate and n the number of months. Early EMIs are mostly interest; later ones are mostly principal.
Both deploy the same prepayment, but reducing tenure saves far more interest — your EMI stays the same and the loan simply ends sooner. Reducing EMI keeps the original end date and just lightens each month. Rule of thumb: if your monthly budget is comfortable, always reduce tenure. Reduce EMI only if cash flow is the constraint.
Some lenders levy foreclosure / part-prepayment charges (typically 2–4% on fixed-rate loans; floating-rate home loans for individuals can't be charged prepayment penalty per RBI rules). Prepaying in the first half of the tenure saves the most, since that's when the interest component is fattest.
No — it's an upfront cost paid to the lender, so it doesn't enter the principal or the EMI math. This calculator adds it to your total cost of the loan so you compare offers honestly.
Model the current rate now; when your lender resets the rate, re-run with the new rate and remaining balance as a fresh loan. (A floating-rate tracker with reset events is on the roadmap.)
Banks round the EMI and adjust the last instalment; some compute on daily balances. A difference of a few rupees is normal rounding — if it's hundreds, check the rate and tenure they actually applied.
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