The ONLY calculator that shows REAL savings when you pay more than your EMI. Paying ₹20,000 when EMI is ₹15,420? See how that extra ₹4,580 saves you lakhs!
✓ 100% Free🔒 No Data Stored📱 Works Offline🇮🇳 Made for India
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Congratulations! You're a Smart Borrower!
By paying ₹0 extra monthly, you'll save ₹0 in interest and finish 0 months early!
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Total Tenure0 months
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With Your Extra Payment ⭐
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📋 Complete Amortization Schedule
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EMI Paid
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What Makes This EMI Calculator Different?
Most EMI calculators only show you the standard EMI amount. But here's the reality: thousands of Indians like you pay MORE than their EMI each month. Maybe your bank auto-debits ₹20,000 but your actual EMI is only ₹15,420. Where does that extra ₹4,580 go? It goes directly to reducing your principal!
This Smart EMI Calculator with Extra Payment Tracker is specifically designed for borrowers who want to understand the real impact of their monthly payments.
Exactly how much interest you'll save over the loan tenure
How many months/years earlier you'll become debt-free
Month-by-month breakdown of where every rupee goes
Side-by-side comparison: Normal EMI vs Your Actual Payment
Complete amortization schedule with prepayment tracking
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Extra Payment Tracking
Track the difference between your actual payment and standard EMI, showing exactly how it reduces your loan faster.
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Visual Comparison
See side-by-side how paying extra compares to just paying EMI. Watch your savings grow in real-time.
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Detailed Schedule
Get month-by-month or year-by-year breakdown showing principal, interest, extra payment, and outstanding balance.
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Interest Savings
Instantly see how much money you'll save in interest charges by paying that little extra each month.
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Tenure Reduction
Know exactly when your loan will be paid off. Many users close their 20-year loan in just 12-15 years!
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100% Private
All calculations happen in your browser. We don't store, track, or share your financial data.
Works with All Indian Banks
SBIHDFCICICIAxisKotakPNBBOBLIC HFL
How Does Extra Payment (Prepayment) Work in India?
When you pay more than your EMI, the extra amount goes directly towards reducing your principal balance. This is called a partial prepayment or part-payment.
Lower principal means less interest charged in subsequent months
Your EMI stays the same, but your tenure reduces automatically
Most Indian banks (SBI, HDFC, ICICI, Axis) allow unlimited prepayment on floating rate home loans without any penalty
Even small extra payments of ₹2,000-₹5,000 monthly can save lakhs over the loan tenure
Example: The Power of Paying ₹4,580 Extra
Let's say you have a home loan of ₹16,00,000 at 8.5% interest for 15 years. Your standard EMI would be approximately ₹15,420. But if you pay ₹20,000 monthly instead:
Extra Payment: ₹4,580 per month goes to principal
Interest Saved: Approximately ₹3-4 lakhs over the loan tenure
Time Saved: Pay off your loan 4-5 years earlier
Original Tenure: 15 years → New Tenure: ~10-11 years
Frequently Asked Questions
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It's calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n – 1), where P is principal, r is monthly interest rate, and n is number of months.
Yes! Most Indian banks allow you to make part-prepayments on your home loan. For floating rate loans, banks like SBI, HDFC, ICICI, and Axis Bank allow unlimited prepayment without any penalty.
For a ₹50 lakh loan at 8.5% for 20 years, paying just ₹5,000 extra monthly can save you over ₹12 lakhs in interest and help you close the loan 5-6 years earlier.
For floating rate home loans, RBI guidelines prohibit banks from charging prepayment penalties. However, fixed-rate loans may have prepayment charges of 2-3%.
The earlier, the better! Prepayments made in the initial years have maximum impact because your principal is highest then, and interest is calculated on the outstanding principal.
Tips to Close Your Home Loan Faster
Round up your EMI: If your EMI is ₹15,420, pay ₹16,000 or ₹20,000 instead
Use bonuses wisely: Deposit your annual bonus as lump-sum prepayments
Start early: Prepayments in the first 5 years have maximum impact
Increase EMI after salary hikes: When your salary increases, increase your EMI proportionally
Track your progress: Use this calculator regularly to stay motivated