Loan Payoff Calculator
See how much sooner you can pay off any loan — and how much interest you'll save — by adding a fixed extra payment every month.
- Free to use
- Accurate results
- No registration required
- Works on all devices
Your result
₹12,485.46
Interest saved
AI explanation
Formula
Simulated month-by-month amortization with an extra fixed payment applied to principal every monthWorked example
₹2L outstanding, 14%, 3 years, ₹2,000 extra/month
| Field | Value |
|---|---|
| Outstanding loan amount | 200000 |
| Interest rate | 14 |
| Remaining tenure | 36 |
| Extra monthly payment | 2000 |
| New payoff time | 27 |
| Interest saved | 12485.46 |
| Months saved | 9 |
Assumptions
- Works for any loan type — personal, car, or other installment loan — as long as it uses standard reducing-balance amortization.
- Assumes the extra payment is made consistently every month.
- Informational only.
Frequently asked questions
Does paying extra always save interest?
Yes, as long as the extra amount goes toward principal (confirm with your lender that extra payments aren't applied to future EMIs instead) — reducing principal sooner means less interest accrues in every subsequent month.
Is this useful for loans other than home loans?
Yes — the same reducing-balance math applies to personal loans, car loans, and most other installment loans, so this calculator works for any of them.
What if I can only make an extra payment occasionally, not every month?
This calculator assumes a consistent monthly extra payment — for one-time lump sum prepayments, the actual savings will differ, though still meaningfully reduce your payoff time.
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Sources
- Master Circular on customer service and fair practices code — Reserve Bank of India. Effective 01-07-2015, reviewed 13-09-2026.
This calculator provides a general estimate only and does not constitute financial advice.
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