Mortgage Payoff Calculator

See how much interest you can save and how much faster you can pay off your mortgage with extra monthly payments.

Inputs

Loan Amount (₹)

10,00010,00,00,000

Interest Rate (% p.a.)

125

Tenure (Years)

140

Extra Monthly Payment (₹)

05,00,000

Calculation Results

Original Monthly EMI

₹43,391

Original Total Interest

₹54,13,879

New Total Interest

₹40,24,629

Total Interest Saved

₹13,89,250

New Tenure (Months)

187

Time Saved (Months)

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Formula & Mathematical Explanation

\displaystyle EMI = \frac{P \times i \times (1 + i)^n}{(1 + i)^n - 1}

By paying more than the standard EMI monthly, the extra amount directly reduces the principal balance, causing interest to compound on a smaller base and reducing the payoff time.