HOME LOAN PREPAYMENT CALCULATOR

A Home Loan Prepayment Calculator helps understand the potential savings from making extra payments on your home loan. By entering details such as your outstanding loan amount, interest rate, and how often you plan to make prepayments, you can see how these payments affect your loan tenure and save on interest. This calculator helps you decide whether to prepay your loan based on your available funds and financial goals. Ultimately, it empowers you to manage your home loan effectively and reduce interest expenses.

Below are the steps to use home loan calculator with prepayment:

• Enter the outstanding loan amount.
• Select the current interest rate.
• Enter the remaining tenure of the loan.
• Choose the frequency of prepayments (monthly, quarterly, annually).
• Provide the additional amount for each prepayment.
• Click on the calculate button. Review the calculated results, including the new loan tenure and interest savings.
• Use the information to make informed decisions regarding prepaying the home loan and reducing interest expenses.

Home loan prepayment refers to repaying a portion of the outstanding home loan amount before its scheduled tenure. It can help borrowers reduce their overall interest burden and expedite the loan closure.

Home loan prepayment can help borrowers save on interest costs and free themselves of debt earlier. However, it's essential to consider factors like prepayment charges and individual financial situation before deciding.

A Home Loan Prepayment Calculator helps borrowers estimate the potential savings and reduced loan tenure by making additional payments towards their home loan. Borrowers can assess the financial benefits by entering details like the prepayment amount and frequency.