Mortgage Payoff Calculator
Find out how extra payments can eliminate your mortgage years ahead of schedule.
Inputs
Live₹
₹100000₹50000000
%
5%18%
mo
12 mo360 mo
₹
₹0₹100000
Results
Months saved
35
Interest saved
₹6.54 L
New payoff months
145
Base EMI
₹39.4 K
Overview
The mortgage payoff calculator shows how much faster you can pay off your home loan and how much total interest you save by making extra monthly or lump-sum payments toward the principal.
How to use this calculator
- Enter your current outstanding loan balance.
- Enter the current interest rate and remaining tenure.
- Enter the extra amount you plan to pay monthly or as a lump sum.
- The calculator shows the new payoff date and total interest saved.
Understanding the inputs & results
Outstanding balance
The remaining principal you owe on the mortgage.
Extra monthly payment
An additional amount paid toward the principal each month, above the regular EMI.
Lump-sum payment
A one-time prepayment toward the principal, reducing the balance immediately.
Interest saved
The total interest you avoid by paying off the loan early.
Months saved
The reduction in the number of monthly payments due to prepayments.
The formula
Payoff with extra payments
n_new = −log(1 − r × B / (EMI + E)) / log(1 + r)
B = outstanding balance, r = monthly rate, E = extra payment amount. The new tenure n_new is the months remaining with the increased payment.
Worked example
₹40 lakh balance, 8% rate, 15 years remaining. Extra ₹5,000/month.
- Regular EMI ≈ ₹38,225. With extra ₹5,000 → effective payment = ₹43,225.
- New tenure ≈ 12.5 years instead of 15.
- Interest saved ≈ ₹5.3 lakh.
✓ Paying ₹5,000 extra each month saves 2.5 years and ₹5.3 lakh in interest.
Frequently asked questions
Prepayment terms vary by lender. Confirm prepayment rules and applicable charges with your bank before making extra payments.