Rate of Interest (P.a)
Loan Tenure (Years)
The home loan prepayment calculator is an excellent tool for home loan borrowers looking to pay off their loans early. With the help of this calculator, you can estimate the amount you will save on interest and principal repayments if you prepay your home loan.
Navi’s home loan prepayment calculator is an accurate and user-friendly tool for planning your home loan prepayments. Just enter your outstanding amount, rate of interest and loan tenure. The online calculator will display the amount you can save on interest and principal payments in just a few seconds.
To estimate the revised EMI amount after you make your home loan prepayment, you must enter the loan amount, existing EMI amount, tenure, etc. These data will help the online tool to calculate the revised amount.
Here’s how you can calculate your revised EMI payout:
A home loan prepayment calculator can help determine how much you can save by paying off your existing home loan early before maturity. This can be done either by prepaying at regular intervals or paying off in one lump sum.
For instance, you have taken a home loan of ₹25,00,000 for a period of 10 years at 10% interest rate. Ideally, you would have paid an interest of ₹14,64,522 on the loan.
If you make a prepayment of ₹1,00,000, the EMI tenure reduces by 5 months, making the effective home loan tenure to be of 9 years 7 months. Simultaneously, the total interest after prepayment would be ₹13,71,946. Thus, you will save ₹92,576 in interest.
Navi’s home loan prepayment calculators are accurate. However, consult your financial advisor before taking any step.
Use Navi’s home loan prepayment calculator to calculate your EMI instantly.
On fixed rate home loans, the banks may charge a small percentage. However, for flexible rate home loans, you don’t have to pay prepayment fees. Contact your bank to get more clarification.