| Quick Loan EMI Calculator Reference |
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| Loan balance: | Amount which you intend to borrow or take the loan for. This amount is excluding the downpayment amount. |
| EMI: | Equal Monthly Installments of the loan that you have to pay every month. |
| EMI Type: | Depending on the financial institution/banks EMI's may be of 2 types viz. |
| EMI in Advance: | You have to pay the EMI at the start of the loan followed by beginning of each month. Also known as Front-Loaded EMI. |
| EMI in Arrears: | You have to pay the EMI at the end of each month. Also known as Rear-Ended EMI. |
| Loan Term: | Period of the home loan in years |
| Interest Rate: | Rate of Interest for the EMI home Loan. |
| Home Loan EMI Calculator - FAQ |
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- You can see the answers for all frequently asked questions regarding home loan EMI calculator Home Loan FAQ
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Calculate EMI quickly, using this tool. (Very Handy EMI Calculator)
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For Reducing Balance EMI Calculator, click here.
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For Car Loan EMI Calculator, click here.
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For Home Loan EMI Calculator, click here.
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| What is EMI? |
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- The first word you will hear from the bank when you are taking a home loan or auto loan or personal loan from the bank to purchase your dream home or to purchase your dream car is EMI, which means Equated Monthly Installments.
- EMI is the amount payable to the Bank or other lending institution every month, till the home loan /auto loan/ personal loan is paid back in full. It consists of interest on the outstanding home loan /auto loan/ personal loan amount and part of the principal to be repaid.
- This is an easy way for individuals to repay the loan in smaller monthly payments, as the huge home loan /auto loan/ personal loan will be split into affordable equal monthly installments.
- At the same time its an easy way for banks to hide the huge interest rate component with the help of small EMI !!!
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| Download Home Loan EMI Calculator |
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- You can download the EMI Calculator Excel Sheet from here
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| What is EMI Forumula? |
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- The formula for calculation of EMI given the loan, term and interest rate is:
E= P x r x (1 + r)n / ((1+r)n -1)
Here
p=principal amount
r = interesr rate per month(ex: if interest rate per annum is 10% then 10/(12*100))
n= tenure in months / no. of instalments in the tenure,
Alternatively, the reader can use `Calculate EMI function' in EXCEL spread sheet.
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