If you are looking for a calculator that will help you understand the benefits of partial loan prepayment, then this is it. This calculator allows you to calculate the savings on your loan with just a few clicks.
No matter what type of loan you have, whether it is a mortgage, car or personal, this calculator will give you an estimate on how much money you can save by paying off some of your principal early.
Calculating the benefits of paying off your loans ahead of schedule can be quite tricky. But thankfully there is now an easy-to-use online calculator that will provide all the needed calculations for free.
Initial loan repayment schedule for selected loan amount, interest rate and tenure.
Revised loan repayment schedule based on part payment done. EMI is kept unchanged and loan repayment tenure is reduced based on part payment amount. It shows you how many EMI's are reduced and how much Interest payment is saved based on partial Payment done.
This calculation is just for illustration purpose and actual calculation may vary based on other bank charges. This calculator may help you understand how making part payment can save money on Interest.