What is a Loan Prepayment Calculator?
A Loan Prepayment Calculator is the ultimate weapon to destroy your debt years ahead of schedule. When you make a partial prepayment on a home loan or car loan, 100% of that amount goes directly toward reducing your principal. This dramatically shrinks your remaining tenure and saves you lakhs in interest.
The Power of 5% Prepayment
Did you know that prepaying just 5% of your outstanding principal every year can reduce a 20-year home loan to just 12 years? Use our prepayment calculator to compare your standard amortization schedule against a strategic prepayment plan. It precisely calculates your total interest saved, matching the advanced tools used by ClearTax and ET Money.