Assumptions
- Floating rate
- Fixed EMI or tenure
- Paid so far
Returns are assumed constant and tax is not included. Results are estimates to compare options, not financial advice. Everything is calculated in your browser; nothing you type is sent anywhere.
FAQ
What is the difference between fixed EMI and fixed tenure?
With fixed EMI, you keep paying the same EMI and the number of EMIs left is worked out at today's rate. With fixed tenure, the loan ends on the date you enter and the EMI is worked out at today's rate. Banks use one of these two when a floating rate changes; pick the one your bank applies to you.
Why enter the total paid instead of EMI × months?
On a floating-rate loan your EMI may have changed several times, and part payments add more. The total paid to the bank, from your loan statement, covers all of that. Principal paid is the original loan minus the outstanding amount; the rest of what you paid is interest.
Which rate is used for the future?
The rate you enter as today's rate, kept the same until the loan ends. Change it to see what a higher or lower rate would mean.
Is there a foreclosure charge on a floating-rate home loan?
RBI rules do not allow banks and housing finance companies to charge individuals for foreclosing or prepaying a floating-rate home loan. The charge field defaults to zero; enter one only if your loan is not covered.
How is the SWP side worked out?
The cash you would use to close the loan is invested at the return you enter, and every remaining EMI is withdrawn from it. If the fund runs out, the remaining EMIs are shown as a top-up from your pocket.
Does it include tax?
No. Home loan deductions, FD interest tax and capital gains on funds are all left out.