Pre-Payment Loan Calculator

What is the EMI Prepayment Calculator?

One reliable online tool that is specifically made to assist debtors is a prepayment calculator. The benefit of the partial prepayment option is up to the borrowers to decide for themselves. By inputting basic information like the loan amount, payback period, and the desired part-prepayment amount, you may calculate accurate numbers. You can illustrate the savings you will soon get with the EMI calculator with prepayment.

You may learn four important things with a loan prepayment calculator: the updated monthly installment, the overall percentage saved on monthly EMIs, the reduction in the repayment duration, the amount owed, and the total savings. To determine if you should proceed with loan prepayment or not, use the EMI prepayment calculator.

Errors are possible even if manually calculating such adjustments might seem intimidating. Use our online home loan prepayment emi calculator to perform the necessary calculations instead of wasting your precious time figuring out these figures.

This above easy to use emi prepayment calculator need you to enter below mentioned field:

• Loan Amount
• Original Loan Tenure
• Current Rate of Interest
• Prepayment Amount
• Number of EMI’s Paid

You can see the updated monthly loan EMI on the right side of the calculator based on the numbers you entered in the home loan EMI calculator with prepayment above.

How does the EMI Prepayment Calculator Work?

You may calculate values using the Finance Ease easy emi calculator for loan with prepayment by following a simple procedure that won't even need a minute of your valuable time. This emi prepayment calculator operates as follows:

• Visit the top section of the emi prepayment calculator.
• You will see various text fields marked as Loan Amount, Interest Rate, Tenure, Prepayment Amount, and Number of Paid EMIs.
• Fill appropriate values in the text field and press “Calculate.”
• As a result, you will get new monthly EMIs as the principal loan amount will be reduced.”

Using the above housing loan emi prepayment calculator, we have compiled a table as shown below,

This above table is for reference only.

What are the Benefits of the Part Payment Calculator?

Loan debtors can significantly reduce the outstanding balance by making partial payments. Reduced interest obligations and a consequent EMI reduction are direct results of this principle reduction. When chosen at the appropriate moment, a partial payment can be useful in reducing the liabilities. You may show the profitability of the upfront payment you will make against the house loan debt by using the loan emi calculator with prepayment.

In addition, following the final house loan settlement, the partial payment helps to raise the applicant's credit score overall. You move a step closer to simpler principle repayment when you choose the prepayment option. The charged interest rate is also still under control. The nicest thing about calculating values is that you already know how much money you will save.

To get the most out of your loan, as a borrower, always attempt to make several partial payments during the course of the loan. Lenders and banks often let the borrower to make three EMIs for partial prepayments equivalent to the amount owed. To put it simply, you may use an EMI prepayment calculator to make a partial payment of INR 60,000 if you are paying an EMI of INR 20,000.

Factors to Consider Before Making Part Prepayments

Unexpectedly making partial prepayments is not advised. If you wish to receive the most rewards, you must follow a methodical process. The ideal timing to make a prepayment is determined by a number of factors.

The Age of the Borrower

Expect the prepayment before retirement if the applicant is getting close to retirement age. Your income options become more limited as you become older, and your expenses may rise. After you retire, it's possible that you won't be able to make a partial prepayment.

Future Expenditure

Don't forget to account for future costs when you finalize the partial prepayment. The sum you will pay in advance is substantial and has the potential to completely deplete all accrued funds. Therefore, examine your finances and make appropriate plans before making such payments.

Total Savings Achieved Through Prepayment

To receive the advantages of prepayment, you could be required to pay a liable charge. Prior to considering partial prepayment, research the total amount you would save by making home loan prepayments as well as any related fees. Drop the notion of debt prepayment if it doesn't result in significant savings. Additionally, because the principal component is bigger in the later phases of the repayment term, you might think about making a prepayment. The major component is quite low during the first term. You may determine these savings with the use of a home loan emi calculator that includes prepayment.

Investment opportunities

Don't only consider prepayments when you have a steady stream of money. You should think about other options instead of paying off your house loan if you have other chances to invest the same sum of money and can get more from it. You can evaluate these options more efficiently if you use an EMI calculator for house loans with prepayment.