Loan Prepayment Calculator
Calculate how much interest you can save and how early you can close your loan by making prepayments.
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Information provided on WealthMaze is for educational purposes only. All return calculations are estimates based on user inputs. Not financial advice.Calculation Output & Analysis
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4Benefits of Loan Prepayment Planning
Use the Loan Prepayment Calculator to estimate your total savings. When you make a prepayment towards a loan, the entire prepaid amount goes directly to reducing your outstanding Principal Balance. Since interest is calculated as a percentage of the outstanding principal, a lower principal means less interest accumulates monthly. Consequently, your loan can be closed much earlier, saving thousands in finance charges.
Frequently Asked Questions (FAQ)
Are there penalties for home loan prepayment?
Under RBI rules in India, banks are not allowed to charge prepayment penalties on floating-rate home loans. For fixed-rate loans or personal loans, lenders may charge a 2-4% prepayment fee.
How do I calculate home loan prepayment savings?
Input your outstanding loan principal, interest rate, remaining tenure, and the prepayment amount into our prepayment calculator to see your savings.