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Generate detailed amortization schedules with payment breakdowns. Track principal vs interest, model extra payments, and plan your loan payoff strategy with precision.
Even small extra payments can significantly reduce your total interest and payoff time. Try adding $5,000-10,000 extra per month.
Bi-weekly payments result in 26 half-payments (13 full payments) per year instead of 12, accelerating your payoff.
Apply bonuses, tax refunds, or other windfalls directly to your loan principal to maximize interest savings.
If interest rates decrease significantly, consider refinancing to lower your rate and monthly payment.
Round your payment up to the nearest thousand. The extra amount goes directly to principal.
Before making extra payments, verify your loan doesn't have prepayment penalties that could negate your savings.
A Loan Repayment Calculator is an advanced financial planning tool that generates a complete amortization schedule for any loan. Unlike simple EMI calculators that only show your monthly payment, a repayment calculator provides a detailed month-by-month breakdown of every payment over the entire life of your loan. It shows exactly how much of each payment goes toward principal (reducing your balance) versus interest (cost of borrowing), your remaining balance after each payment, cumulative totals, and your exact payoff date.
Our calculator goes beyond basic amortization by offering advanced features including: multiple payment frequency options (monthly, bi-weekly, weekly), extra payment modeling (one-time or recurring), grace period calculations, balloon payment support, scenario comparison tools, and detailed payment analytics. Whether you have a home loan, personal loan, auto loan, or any other type of installment debt, this calculator helps you understand your repayment structure and optimize your payoff strategy.
The calculator is essential for financial planning because it reveals the true cost of borrowing. You'll see that on a typical 20-year loan, you might pay 50-100% of the original loan amount in interest alone. It also demonstrates the powerful impact of extra payments - even small additional amounts can save tens of thousands in interest and shorten your loan by years. Use it to compare different loan terms, evaluate refinancing options, plan prepayments, and make informed decisions about your debt management strategy.
Payment Frequency
Special Features
Model how extra payments accelerate your payoff and save interest:
💡 Pro Tip: Even ₹5,000 extra per month can save lakhs in interest on a long-term loan. Try different amounts to find what fits your budget.
Save and compare different repayment strategies:
Example scenarios: "Standard Payments", "Extra ₹10k Monthly", "Bi-weekly Payments", "Bonus Prepayments"
The Analysis tab provides comprehensive insights:
Amortization is the process of paying off a loan through regular, equal payments over time. Each payment covers both interest charges and principal reduction. The key characteristic of an amortized loan is that while your payment amount stays the same, the split between interest and principal changes with each payment.
How It Works:
Principal Payment
Interest Payment
Example: On a ₹50 lakh loan at 8.5% for 20 years, your first payment of ₹43,391 includes ₹35,417 interest and only ₹7,974 principal. By payment 120 (year 10), it's ₹24,000 interest and ₹19,391 principal. By payment 240 (final), it's ₹305 interest and ₹43,086 principal.
Monthly Payments (Standard)
12 payments per year. Most common option. Easy to budget with monthly income.
Bi-weekly Payments (Recommended)
26 half-payments per year = 13 full payments. Saves significant interest and time.
Weekly Payments (Maximum Savings)
52 quarter-payments per year. Highest interest savings but requires careful budgeting.
If your payment is ₹43,391, round up to ₹45,000. The extra ₹1,609 goes entirely to principal. Over 20 years, this simple strategy can save ₹3+ lakhs in interest and 2+ years of payments.
Impact: Easy to implement, consistent savings, minimal budget impact
Use bonuses, tax refunds, or gifts for one-time extra payments. A ₹1 lakh payment in year 1 can save ₹2+ lakhs in interest over a 20-year loan. Even smaller amounts (₹25,000-50,000) make a significant impact.
Impact: Maximum interest savings, no ongoing commitment, accelerates payoff
When you get a raise, increase your loan payment by the same percentage. If you get a 10% raise, add 10% to your payment. This strategy grows your extra payments over time without feeling the pinch.
Impact: Sustainable long-term, grows with income, maintains lifestyle
Pay half your monthly payment every two weeks. This results in 13 full payments per year instead of 12. The extra payment goes entirely to principal, saving years of interest without feeling like extra payments.
Impact: Automatic savings, aligns with paychecks, significant long-term benefit
Make one extra full payment per year (divide monthly payment by 12 and add to each payment). On a ₹43,391 payment, add ₹3,616 monthly. This reduces a 20-year loan to ~16 years and saves ₹8+ lakhs in interest.
Impact: Structured approach, predictable savings, dramatic long-term results
Apply unexpected income to your loan: overtime pay, freelance earnings, cash gifts, rebates, or savings from cutting expenses. Every rupee counts, and irregular extra payments still save significant interest.
Impact: Flexible, no budget pressure, turns windfalls into wealth
A loan repayment calculator generates a detailed amortization schedule showing your monthly payment amount based on loan principal, interest rate, and tenure. It breaks down each payment into principal and interest components, displays remaining balance after each payment, and shows cumulative interest paid. You can model extra payments to see how they reduce total interest and accelerate payoff.
Monthly payments use the formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is monthly payment, P is principal, r is monthly interest rate (annual ÷ 12), and n is total months. For example, ₹50 lakh at 8.5% for 20 years equals ₹43,391 monthly. Early payments are mostly interest, later payments are mostly principal.
Extra payments reduce principal directly, lowering future interest charges. Adding ₹5,000 monthly on a ₹50 lakh, 20-year loan at 8.5% saves ₹15+ lakhs in interest and pays off the loan 6+ years earlier. Early extra payments have the greatest impact. Model one-time or recurring extra payments to see exact savings.
Principal reduces your loan balance, while interest is the borrowing cost paid to the lender. Your total payment stays the same, but the split changes over time. Early payments are mostly interest due to high balance. On a ₹50 lakh loan at 8.5%, the first payment is ₹35,417 interest and ₹7,974 principal. By the final payment, almost all goes to principal.
Bi-weekly payments (half payment every two weeks) result in 26 half-payments yearly, equaling 13 full payments instead of 12. On a ₹50 lakh, 20-year loan at 8.5%, this saves ₹5+ lakhs in interest and pays off 3+ years earlier. Ensure your lender applies payments immediately to principal without fees.
Total interest = (Monthly Payment × Number of Payments) - Principal. A ₹50 lakh loan at 8.5% for 20 years costs ₹54.14 lakhs in interest. Longer terms and higher rates increase costs significantly. At 10%, the same 20-year loan costs ₹68+ lakhs in interest. Use our calculator to see exact costs and savings from extra payments.
Early extra payments have the greatest impact. A ₹1 lakh payment in year 1 of a 20-year loan saves ₹2+ lakhs in interest, while the same payment in year 15 saves only ₹30,000. However, extra payments benefit you at any time. Regular small extra payments often beat occasional large ones.
A balloon payment is a large lump sum due at loan end after smaller regular payments. Example: ₹25,000 monthly for 5 years, then ₹20 lakhs final payment. Benefits include lower monthly payments and improved cash flow. Risks include needing funds available (savings, refinancing, or asset sale) and potential default if unable to pay. Best when you have a clear payment plan.
A grace period allows interest-only payments initially, common with education or construction loans. Your balance doesn't decrease during this time. On a ₹10 lakh loan at 9%, you pay ₹7,500 monthly for 6 months (₹45,000 total) but still owe ₹10 lakhs. This increases total loan cost and extends repayment period. Make principal payments during grace period if possible to reduce interest.
RBI guidelines: Floating rate loans have no prepayment penalties. Fixed rate loans may have 2-5% penalties. Check your agreement for prepayment clauses, minimum amounts, frequency limits, and notice requirements. Benefits include interest savings, faster debt freedom, and improved credit score. Calculate penalty cost versus interest savings. Our calculator models different prepayment scenarios.
Amortization schedules show: payment date, payment amount, principal portion, interest portion, remaining balance, and cumulative totals. Early payments are 70-80% interest, middle payments are 50/50, late payments are 70-80% principal. The crossover point occurs around 40-50% through the loan term. Track cumulative interest to see total borrowing cost and identify best times for extra payments.
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Detailed payment schedules
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Home loan calculations
Personal loan planning
Vehicle financing
Housing loan planning
📌 Note: Always verify loan terms, interest rates, and prepayment policies directly with your lender. Regulations and policies may vary by institution and loan type.
See every rupee of every payment broken down into principal and interest. Understand exactly where your money goes and how your balance decreases over time.
Model different extra payment strategies to find the optimal approach. Save lakhs in interest and years of payments with informed decisions.
Compare multiple scenarios side-by-side. Make data-driven decisions about refinancing, extra payments, and loan terms.
See your exact payoff date and how extra payments accelerate it. Visualize becoming debt-free years earlier with strategic repayment.
Set realistic debt payoff goals based on accurate calculations. Track progress and stay motivated with clear milestones.
Use on any device - phone, tablet, or desktop. No installation, no registration, no hassle. Just instant, accurate calculations.
Before making extra payments, check your loan agreement for prepayment penalties. Some lenders charge 2-5% of the outstanding balance for early payoff, especially on fixed-rate loans. RBI guidelines prohibit penalties on floating-rate home loans, but other loan types may have restrictions.
When making extra payments, always specify that the amount should be applied to principal, not held for future payments. Some lenders may apply extra payments to future interest or hold them in a suspense account, which doesn't reduce your balance or save interest.
Don't sacrifice your emergency fund to make extra loan payments. Financial experts recommend maintaining 3-6 months of expenses in liquid savings before aggressively paying down debt. Unexpected expenses can force you to take high-interest debt if you have no cushion.
If your loan interest rate is low (below 7-8%), consider whether investing extra money might yield better returns. For example, if your home loan is at 7% but you can earn 12% in equity investments, investing might be more beneficial long-term. However, guaranteed interest savings vs uncertain investment returns should be weighed carefully.
If you have multiple loans, prioritize extra payments on the highest interest rate debt first (avalanche method). Paying off a 24% credit card saves more than prepaying an 8% home loan. Use our calculator for each loan to compare the impact of extra payments.
Extra payments made early in the loan term have the greatest impact. A ₹1 lakh payment in year 1 saves much more interest than the same payment in year 15. However, any extra payment at any time is beneficial - don't let perfect timing prevent you from making progress.
Collect your loan documents: principal amount, interest rate, tenure, start date, and current balance. Check for prepayment policies, processing fees, and any special terms like grace periods or balloon payments.
Enter your loan details in the calculator to see your standard repayment schedule. Review the total interest you'll pay and your payoff date. This is your baseline for comparison.
Try different extra payment strategies: rounding up payments, adding ₹5,000-10,000 monthly, switching to bi-weekly payments, or applying annual bonuses. Save each scenario to compare side-by-side.
Select the extra payment approach that fits your budget and goals. Consider starting small (₹2,000-3,000 monthly) and increasing as your income grows. Even modest extra payments make a significant difference.
Contact your lender to set up automatic extra payments. Specify that extra amounts should be applied to principal. Automate the process so you don't have to remember each month.
Review your loan statements quarterly to verify extra payments are applied correctly. Recalculate annually to see your progress. Increase extra payments when you get raises or bonuses. Celebrate milestones!