Personal Loan Prepayment & Preclosure Calculator
Eliminate high-interest unsecured debt quickly, compare reducing tenure vs EMI, and calculate net savings after foreclosure charges.
Personal Loan Details
$
%
Yrs
$
Total Personal Loan Interest Saved
$0
Saving 0% in high-APR finance charges!
Time Saved
0 mos
Months shaved off
New Payoff Date
--
Originally --
Base EMI
$0
Monthly payment
Total Paid
$0
Originally $0
Amortization Schedule
Interactive breakdown of balance, interest, and prepayment impact
| Period | EMI Paid | Principal Paid | Extra Prepayment | Interest Paid | Total Payment | Remaining Balance |
|---|
Frequently Asked Questions
Why prepay high-interest personal loans first?
Unsecured personal loans carry some of the highest interest rates in retail banking (typically 11% to 24%). Prepaying an 18% personal loan is financially equivalent to earning a guaranteed, risk-free 18% after-tax return on your money!
What are personal loan foreclosure charges?
Some lenders impose a foreclosure fee (typically 1% to 4% + GST/taxes on the outstanding principal) if prepaid within a lock-in period (e.g. within 6 to 12 months). Even with this charge, total interest saved almost always dwarfs the small fee.