It estimates how lump-sum payments against outstanding principal change remaining interest, EMI or tenure. You can schedule multiple dated instalments, choose years or months for tenure, and review a year- and month-wise amortization schedule — similar to planners from ICICI, SBI, Kotak and Hero Housing.

Keep EMI if your goal is to close the loan sooner and maximise interest saved. Keep tenure if you want immediate relief on the monthly instalment. Many lenders let you choose at the time of part payment.

In practice yes for retail loans: both mean paying extra principal before the scheduled end. Lenders may label the tool “prepayment” (ICICI, SBI, Hero) or “part payment” (Axis Finance, Piramal).

Prepayment (or part payment) is an extra payment toward principal while the loan continues. Foreclosure means paying the entire outstanding balance and closing the account in one go — often with different charges and paperwork.

Yes. Add multiple instalments with amounts and dates. Model a windfall as one date, a bonus as yearly dates, or smaller top-ups across months — each lump sum is applied at the start of that month before the EMI.

Yes. Earlier dates reduce principal sooner, so you save more interest than the same amount paid later. The schedule highlights months where a prepayment is applied. Interest is highest in early years, so early prepays usually help most.

Yes. Switch the tenure unit between years and months — the calculator converts to months internally for reducing-balance EMI maths.

Year-wise and month-wise tables show opening balance, EMI split into principal and interest, any prepayment that month, closing balance and how much of the original outstanding is paid. The repayment chart compares without vs with prepayment. Everything updates live when you change inputs.

For floating-rate home loans from banks, RBI directions generally prohibit foreclosure/prepayment penalties for individual borrowers. Fixed-rate loans, many personal/auto loans and some NBFC products may still levy charges (often a few percent of the amount prepaid). Always check your agreement and schedule of charges.

No. Enter the net amount that will reduce principal. If your lender deducts a fee from the remittance, reduce the part-payment input accordingly. If the penalty exceeds interest you would save, prepaying may not be worthwhile.

Usually earlier in the tenure, when a larger share of each EMI is interest. Reducing principal then cuts more future interest. Still keep an emergency fund and compare the loan rate with returns you might earn elsewhere.

Results are indicative based on reducing-balance EMI maths and the inputs you provide. Actual interest depends on reset dates, day-count conventions and when the part payment is applied to the account. We bucket prepays by month, not exact day-of-month interest.

Yes. Enter outstanding principal, current rate and remaining tenure. Product-specific fees and minimum part-payment rules still apply.

Prepayment keeps the same lender and rate; you only inject extra principal. Balance transfer models moving the outstanding to a new rate (and usually paying BT costs).

Keeping EMI and reducing tenure usually saves more interest; reducing EMI frees monthly cash. Enter prepayment date and amount to compare both. Check floating-rate lender rules for charges.

Prepaying is like earning your loan rate risk-free after tax considerations; investing may earn more but with market risk. Run interest saved here, then compare with your own expected post-tax return — not personalised advice.