EMI Calculator with Prepayments
Add part payments to your loan and see how much interest you save and how much sooner you become debt-free.
Loan EMI
$21,696
Total Interest Payable
$2,043,939
Total Payment
$4,543,939
Total
$4,543,939
Enter an amount and first payment date for any frequency. Leave it at 0 to skip it — you can combine as many as you like.
With vs Without Prepayments
The same loan, rate, tenure and start date — once as scheduled, and once with your part payments.
Interest saved
$663,000
Loan closes earlier by
3 years 3 months
Last EMI
May 2043
| Metric | Without Prepayments | With Prepayments | Difference |
|---|---|---|---|
| Monthly EMI | $21,696 | $21,696 | $0 |
| Total Interest | $2,706,939 | $2,043,939 | -$663,000 |
| Total Prepaid | $0 | $200,000 | +$200,000 |
| Total Amount Paid | $5,206,939 | $4,543,939 | -$663,000 |
| Tenure | 20 years | 16 years 9 months | -3 years 3 months |
| Last EMI Date | Aug 2046 | May 2043 | — |
EMI Time Machine
Press play or drag the slider to watch every EMI split into principal that pays down your loan and interest that goes to the lender, year by year.
The day the loan is disbursed
$2,500,000
Still owed
Principal repaid
$0
Interest paid
$0
Total paid
$0
You borrow $2,500,000 at 8.5% for 16 years 9 months. Every month $21,696/month leaves your wallet: interest on the balance still owed goes to the lender, and the rest pays down the loan. Early EMIs are mostly interest. Press play to watch it unfold.
Amortization Schedule
Click a row in the table or a bar on the chart to jump the Time Machine to that year.
Principal, Interest & Balance
Payment Schedule
| Period | Principal | Interest | Prepayment | Total Payment | Balance | Loan Paid to Date |
|---|---|---|---|---|---|---|
| 2026 | $49,755 | $210,591 | $0 | $260,346 | $2,450,244 | 2.0% |
| 2027 | $70,300 | $190,045 | $200,000 | $460,345 | $2,179,943 | 12.8% |
| 2028 | $78,046 | $182,300 | $0 | $260,346 | $2,101,898 | 15.9% |
| 2029 | $84,946 | $175,404 | $0 | $260,350 | $2,016,953 | 19.3% |
| 2030 | $92,452 | $167,894 | $0 | $260,346 | $1,924,501 | 23.0% |
| 2031 | $100,625 | $159,721 | $0 | $260,346 | $1,823,876 | 27.0% |
| 2032 | $109,518 | $150,828 | $0 | $260,346 | $1,714,357 | 31.4% |
| 2033 | $119,199 | $141,148 | $0 | $260,347 | $1,595,158 | 36.2% |
| 2034 | $129,735 | $130,611 | $0 | $260,346 | $1,465,422 | 41.4% |
| 2035 | $141,205 | $119,146 | $0 | $260,351 | $1,324,219 | 47.0% |
| 2036 | $153,682 | $106,662 | $0 | $260,344 | $1,170,535 | 53.2% |
| 2037 | $167,267 | $93,077 | $0 | $260,344 | $1,003,267 | 59.9% |
| 2038 | $182,053 | $78,294 | $0 | $260,347 | $821,213 | 67.2% |
| 2039 | $198,145 | $62,203 | $0 | $260,348 | $623,068 | 75.1% |
| 2040 | $215,660 | $44,688 | $0 | $260,348 | $407,409 | 83.7% |
| 2041 | $234,718 | $25,624 | $0 | $260,342 | $172,687 | 93.1% |
| 2042 | $172,686 | $5,701 | $0 | $178,387 | $0 | 100.0% |
Frequently Asked Questions
1What is a loan prepayment or part payment?
A prepayment (or part payment) is any amount you pay towards your loan over and above the regular EMI. It goes entirely towards reducing the outstanding principal, so from the next month onwards interest is charged on a smaller balance.
2Should I reduce my tenure or my EMI after a prepayment?
Reducing the tenure keeps your EMI unchanged and closes the loan sooner, which saves the most interest. Reducing the EMI keeps the original end date but lowers your monthly outflow, which helps cash flow but saves less interest. Most lenders let you choose; this calculator shows both.
3Can I combine different prepayment frequencies?
Yes. You can enter a one-time amount together with monthly, quarterly, half-yearly, yearly, biennial and triennial prepayments, each with its own amount and start date. If two of them fall in the same month, they are added together.
4When does a prepayment reduce my interest?
A prepayment is applied together with the first EMI due on or after its date. From the following month, interest is calculated on the lower balance. The earlier in the loan you prepay, the more interest you save, because early EMIs are mostly interest.
5Are there charges for prepaying a loan?
It depends on the loan and your lender. In India, the RBI does not allow prepayment penalties on floating-rate home loans taken by individuals, but fixed-rate and some other loans may carry a charge. This calculator does not include any prepayment fees — check your loan agreement.
6Does this calculator work for flat-rate loans?
No. Prepayments only reduce interest on reducing-balance loans, where interest is charged on the outstanding balance — which is how almost all home loans work. On a flat-rate loan, interest is fixed on the original amount, so use the regular EMI calculator for those.
How the Numbers Are Calculated
The regular EMI is calculated with the standard reducing-balance formula. Each month, interest is charged on the balance still outstanding and the rest of the EMI repays principal.
Every prepayment due in a month is then taken straight off the principal, after that month's EMI. A prepayment is due on the first EMI date on or after its chosen date, and recurring prepayments repeat every 1, 3, 6, 12, 24 or 36 months from there until the loan is closed.
If a prepayment reduces the tenure, the EMI stays the same and the loan simply closes sooner. If it reduces the EMI, the EMI is recalculated with the same formula so the new balance is repaid over the months left in the original tenure.
EMI
EMI = P × i × (1 + i)^n / ((1 + i)^n − 1)
Each month
Balance = Balance − (EMI − Balance × i) − Prepayment
Interest saved
Interest saved = Interest without prepayments − Interest with prepayments
- P = loan amount (or, when reducing the EMI, the balance left after a prepayment), i = annual interest rate ÷ 12, n = months remaining.
- A prepayment is never more than the balance still owed, so the final prepayment may be smaller than the amount you entered.
- The last EMI is adjusted so the balance lands at exactly zero.
- Processing fees, prepayment charges and interest-rate changes are not included.
- All figures are rounded only at the point they are displayed, never mid-calculation.