Amortization Schedule
The home loan EMI calculator helps to calculate monthly EMI, Principal amount, and interest amount
You can see the detailed amortization schedule that helps to analyze the repayment schedule
As we know getting home for yourself is a dream for many
“People make home one time in his life”
So he enquires a lot before buying a home
Many of us can not afford to take home buy our savings as a result we go to the bank to get a home loan
Now before taking a home loan, we need to analyze EMI that we can afford along with our monthly spending
There you need to have a home loan EMI calculator
What is a Home Loan EMI Calculator?
The home loan EMI calculator is an online tool that helps to calculate the monthly EMI that you will have to pay according to your loan amount (principal amount) in respect of time and interest rate
It’s a very simple and easy tool that helps fetch all information regarding home loans that we require
How does it work
To calculate monthly EMI you need to enter some detail in this calculator like –
- Loan Amount
- Interest Rate
- Term (years)
Like this –
After getting data from you it uses a formula that is –
EMI=(1+r)n−1P×r×(1+r)n
Where:
- EMI = Equated Monthly Installment
- P = Principal loan amount
- r = Monthly interest rate (annual interest rate divided by 12 and then divided by 100)
- n = Number of monthly installments (loan tenure in months)
Advantages of Using a Home Loan EMI Calculator
There are the following advantages of a home loan calculator
1- It helps in accurate financial planning like how much EMI you can afford and how many months or years it will take to finish the loan amount
so you don’t need to stop your basic spending
2- It helps to compare interest and tenure so you can save your money by reducing the tenure of the loan
I hope this calculator will solve your EMI calculation problem
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