🧮 100% free · no login · works on mobile

EMI Prepayment Calculator (Reduce Tenure vs Reduce EMI)

Enter what you still owe, the rate and the remaining tenure, then add a one-time prepayment, a monthly extra or a yearly bonus. The calculator runs the loan month by month both ways, keeping EMI and cutting tenure, or keeping tenure and cutting EMI, and shows the interest you save.

QUICK ANSWERPrepaying early in a loan saves the most interest because interest is charged on the outstanding balance. Keeping the same EMI and reducing tenure saves more than reducing the EMI. Example: ₹30 lakh at 8.75% for 20 years; a single ₹2 lakh prepayment after 12 months, keeping the EMI, cuts the tenure by almost 3 years and saves about ₹7 lakh in interest. RBI does not allow prepayment penalties on floating-rate loans to individuals.

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What you get free in the EMI Prepayment Calculator

✅ One-time, monthly and yearly prepayments
✅ Reduce tenure vs reduce EMI
✅ Interest saved, net of charges
✅ New loan end date
✅ Year-wise schedule
✅ Works with your actual EMI

How to use the EMI Prepayment Calculator

STEP 1
Enter your loan today
Outstanding principal, rate and remaining tenure (from your loan statement).
STEP 2
Add a prepayment plan
A lump sum and when, a monthly extra, a yearly bonus or any mix.
STEP 3
Compare options
See interest saved and tenure under both choices.
STEP 4
Decide
Tell your bank which option to apply when you prepay.

Reduce tenure or reduce EMI?

When you prepay, the bank asks whether to keep the EMI and shorten the loan, or keep the end date and lower the EMI. Shortening the tenure saves more interest because the higher EMI keeps cutting principal faster. Lowering the EMI helps if your monthly budget is tight.

Compare the saving with what the same money could earn elsewhere. Prepaying an 8.75% home loan is a guaranteed 8.75% return, but keep an emergency fund first.

Frequently asked questions

Are there charges for prepaying a home loan?

RBI rules bar foreclosure or part-prepayment charges on floating-rate loans to individuals for non-business purposes. Fixed-rate loans and some business loans may charge 2–4%.

Is it better to prepay or invest?

If your loan rate is higher than the post-tax return you expect safely, prepaying wins. For home loans, also consider the tax benefit on interest (old regime).

How often should I prepay?

Even a small monthly extra or one EMI extra per year can cut years off a 20-year loan. Earlier prepayments save more.

Is this tool free? Do I need to sign up?

Yes, it is completely free with no login and no limit on entries. Signing up for FastFee is optional. The free plan keeps your records synced across devices; automatic WhatsApp reminders, UPI AutoPay and team logins are on FastFee Premium.

Where is my data stored?

Only in your browser on this device (local storage). Nothing is uploaded to FastFee. Clearing browser data deletes it, so export a CSV or PDF backup regularly.

Need the full software?

Loan management software →FastFee’s complete solution with online collection and automation.Free EMI collection software for lenders →FastFee’s complete solution with online collection and automation.

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