Loan (Mortgage) Part Payment Calculator
How to Use the Loan (Mortgage) Part Payment Calculator
The Loan (Mortgage) Part Payment Calculator is a powerful tool to help you plan your loan repayments effectively and save on interest. Follow these steps to make the most of it:
1. Enter Your Loan Details
Fill in your loan amount, interest rate, loan tenure, and start date in the calculator above. Accurate input ensures precise EMI calculations and better planning of part payments. To explore different scenarios, try our set of loan calculators such as: EMI calculators HUB
2. Choose the Type of Part Payment
- Yearly Part Payment: Make one part payment each year in a month you select. For example, if you prefer to pay extra in January every year, this option works best. It systematically reduces your loan principal and lowers interest over time.
- Monthly Part Payment: Provides maximum flexibility. Select one or more months per year for part payments, even changing months for different years as needed. Ideal if your income fluctuates or if you want extra payments in specific months.
3. Calculate Your Part Payments
Click the Yearly Part Payment/Monthly Part Payment button to see how part payments affect your EMI, total interest payable, and repayment schedule. The tool provides a detailed breakdown of potential savings and reduction in loan tenure.
4. Plan and Download Your Schedule
After calculating, you can plan your payments and download the repayment schedule in Excel. This helps you track your progress, compare different scenarios, and ensure timely part payments.
Why Use Part Payments?
Part payments reduce your outstanding loan balance, lower interest costs, and help you become debt-free sooner. Using this calculator, you can experiment with different strategies to find the most efficient plan for your financial goals.
Start planning your loan part payments today to save money, manage your finances wisely, and take control of your loan repayment journey.