EMI / Loan Calculator
Monthly instalment, total interest, and the full amortisation schedule for a reducing-balance loan.
Loans
Debt Payoff Calculator
See what an extra monthly payment really does. Enter the balance, the rate, what you pay now, and any extra amount — and compare how long the debt takes to clear, and how much interest you pay, with and without the extra payment.
No live data. Every rate, price, and percentage on this page is entered by you. Nothing is fetched from a bank, a market, or a government source, and no figure here is presented as a live or official rate.
Your result will appear here.
Enter your details to see your result.
You will see your answer with the figures shown, so you can check it.
Result
Total interest with extra payment
Months without extra payment
Total interest without extra payment
Interest saved by the extra payment
Estimate only — check important figures before acting. Read the full disclaimer.
How it works
- Enter the balance you owe, the annual interest rate, and the monthly payment you make now.
- Add an extra monthly payment to see the difference. The extra amount goes straight to reducing the balance, because the month's interest is charged first.
- You see the payoff time and total interest with the extra payment, and the same figures without it, so the saving is plain to see.
The balance is reduced month by month, using the same reducing-balance approach as the EMI / Loan Calculator. If the payment does not even cover the month's interest, the balance would never fall, and a clear error is shown instead of a result.
Formula
Monthly interest = Balance × (Annual rate ÷ 12)
Balance reduction each month = Monthly payment − Monthly interest
The balance is worked out month by month until it reaches zero. Interest saved = Total interest without the extra payment − Total interest with the extra payment.
Worked example
Example: A balance of Rs 500,000 at 20% a year, paying Rs 15,000 a month, takes 50 months and costs Rs 235,909.43 in interest. Adding Rs 5,000 a month extra (Rs 20,000 in total) clears it in 33 months, with Rs 152,210.26 in interest — saving Rs 83,699.17 and 17 months.
Frequently asked questions
How does paying extra each month help?
Each month's interest is charged first, and the rest of your payment reduces the balance. An extra payment goes straight to the balance, so later months charge interest on a smaller balance, and the debt ends sooner and costs less.
What happens if my payment does not cover the interest?
The balance would grow instead of falling, and the debt would never clear. The calculator shows a clear error in that case, so you can raise the payment or the extra payment.
Why is the interest saving so large?
Because interest compounds on the balance. Cutting the balance early removes interest from every remaining month, so a small extra payment each month can save many times its own size in interest over the life of the loan.
Should I pay extra on the highest-rate debt first?
Usually, yes: extra payments save the most on the highest-rate balance. This calculator works out one balance at a time, so run it separately for each debt and compare.
Does this include fees or penalties?
No. Fees, late charges, and any early-settlement penalty are not included. Check your loan agreement, because a penalty could reduce or remove the saving.
Still have a question? Contact us.
Important — please read
Results are estimates based on a fixed rate and fixed payments, with no new borrowing, fees, or penalties. Real loans may have variable rates, charges, and early-settlement terms that change the figures. Check your loan agreement before changing your payments.