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Save lakhs in interest. Calculate how much you can save and how much faster you can close your loan by making part-payments.
Total Interest Saved
Original: 20 Years
Interest Saved + Prepayment
Prepaying early in the tenure saves significantly more interest than prepaying later. Every ₹1 prepaid early can save up to ₹2-3 in interest.
| Year | Principal Paid | Remaining Balance |
|---|---|---|
| Year 1 | ₹5,93,636 | ₹44,06,364 |
| Year 2 | ₹7,42,958 | ₹42,57,042 |
| Year 3 | ₹9,06,288 | ₹40,93,712 |
| Year 4 | ₹10,84,940 | ₹39,15,060 |
| Year 5 | ₹12,80,350 | ₹37,19,650 |
| Year 6 | ₹14,94,091 | ₹35,05,909 |
| Year 7 | ₹17,27,883 | ₹32,72,117 |
| Year 8 | ₹19,83,606 | ₹30,16,394 |
| Year 9 | ₹22,63,317 | ₹27,36,683 |
| Year 10 | ₹25,69,268 | ₹24,30,732 |
| Year 11 | ₹29,03,918 | ₹20,96,082 |
| Year 12 | ₹32,69,961 | ₹17,30,039 |
| Year 13 | ₹36,70,342 | ₹13,29,658 |
| Year 14 | ₹41,08,281 | ₹8,91,719 |
| Year 15 | ₹45,87,301 | ₹4,12,699 |
| Year 16 | ₹50,00,000 | ₹0 |
Prepaying your loan is one of the most effective ways to build wealth by reducing your liabilities. Even small, regular prepayments can lead to massive savings over a 15-20 year home loan.
Always maintain an emergency fund before making prepayments. Prepaid amounts cannot be easily withdrawn if you need cash urgently.
Floating rate loans are better for prepayment as they usually have no penalties. Fixed rate loans might have charges.