Home Loan EMI Calculator
With the inflating real estate prices in India, getting your dream home can be difficult. Therefore, getting outside funding can be helpful. More and more would-be homeowners are using home loans to pay for their home purchases. However, a home loan is not an accessible service. Furthermore, with different interest rates, months, and years of EMIs, it needs to be a planned and intelligent decision.
Henceforth, with the user-friendly Home Loan EMI Calculator at calculatoremi.com, you can get instant and correct results for the exact amount that you have to repay with added interest.
How to Benefit From our Home Loan EMI Calculator?
Equated Monthly Installment is a set sum that a borrower must repay to the lender each month until the loan term is complete. Calculating EMI can be a tedious task and may cause an error when you do it by yourself.
These complex calculations can be completed quickly and easily by a house loan EMI calculator, saving you the stress of doing it manually.
- It can be time-consuming and erroneous to complete such intricate home loan EMI calculations on your own. Prospective house buyers can save significant time by using a home loan monthly EMI calculator.
- It provides a precise estimate without any errors or ambiguities, which is essential for budgeting.
- Each form of loan has a distinct method for calculating the EMI. For instance, the calculation of personal loan EMI and home loan EMI are different. Only home loans can be calculated using our housing loan EMI calculator.
- The online calculator is free for use; thus, you can do unlimited results. Henceforth, you can check the EMI for any loan amounts and determine which amount suits your financial situation.
What's the Formula of the Home Loan EMI Calculator?
All online calculators use a standard home loan EMI calculator formula to get the exact EMI amount, which is –
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
E | Total EMI payable each month |
N | The total tenure in months |
R | The rate of interest payable every month |
P | Determines the principal amount |
This EMI calculator can help you find the exact amount without fail for any home loan amount. For example, if a potential borrower avails a home loan worth Rs. 50 Lakhs for a tenure of 15 years at an agreed-upon interest rate of 9.5%. So, according to the formula –
E = [50, 00,000 x 9.5 x (1+9.5) ^ 15] / [)1+9.5) ^ 180-1]
A home loan EMI calculator will instantly help you calculate the precise result, which in this case should be Rs. ₹52,211.
Now, the principal and interest components of each loan’s EMI are separate. Early in the term, the principal portion is relatively modest, and the interest component is substantial. Thus, the equation changes with every month as the overall amount of interest due decreases more quickly. Therefore, the interest component gets smaller while the principal component gets bigger with each EMI that is paid.
What's the Formula of the Home Loan EMI Calculator?
All online calculators use a standard home loan EMI calculator formula to get the exact EMI amount, which is –
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
E | Total EMI payable each month |
N | The total tenure in months |
R | The rate of interest payable every month |
P | Determines the principal amount |
This EMI calculator can help you find the exact amount without fail for any home loan amount. For example, if a potential borrower avails a home loan worth Rs. 50 Lakhs for a tenure of 15 years at an agreed-upon interest rate of 9.5%. So, according to the formula –
E = [50, 00,000 x 9.5 x (1+9.5) ^ 15] / [)1+9.5) ^ 180-1]
A home loan EMI calculator will instantly help you calculate the precise result, which in this case should be Rs. ₹52,211.
Now, the principal and interest components of each loan’s EMI are separate. Early in the term, the principal portion is relatively modest, and the interest component is substantial. Thus, the equation changes with every month as the overall amount of interest due decreases more quickly. Therefore, the interest component gets smaller while the principal component gets bigger with each EMI that is paid.
How to use the Calculator EMI's online EMI Calculator?
Calculatoremi.com is a site that has a very user-friendly housing loan EMI Calculator and other calculators that can be useful to you for various loans and financial aid.
To use the calculator, follow the below easy instructions:
- Simply substitute the loan amount, the number of years or months the loan will be outstanding, and the interest rate.
- Within seconds, the precise EMI value will be calculated and shown.
Benefits of using Home Loan EMI Calculator
Using the calculator offered on this page has a lot of benefits. Furthermore, it is simple to use. Just enter the relevant information, and the calculator will take care of the rest. Moreover, all of you can use it for free. Not even registration is required for the website.
There is no restriction on how frequently you can use it. Therefore, you can easily compare the EMIs for various house loan amounts. The corpus of home loans as a type of debt is anticipated to increase more quickly in the upcoming years. All potential borrowers turn to an online bank EMI calculator for a house loan as their go-to resource.
This EMI calculator can help you find the exact amount without fail for any home loan amount. For example, if a potential borrower avails a home loan worth Rs. 50 Lakhs for a tenure of 15 years at an agreed-upon interest rate of 9.5%. So, according to the formula –
E = [50, 00,000 x 9.5 x (1+9.5) ^ 15] / [)1+9.5) ^ 180-1]
A home loan EMI calculator will instantly help you calculate the precise result, which in this case should be Rs. ₹52,211.
Now, the principal and interest components of each loan’s EMI are separate. Early in the term, the principal portion is relatively modest, and the interest component is substantial. Thus, the equation changes with every month as the overall amount of interest due decreases more quickly. Therefore, the interest component gets smaller while the principal component gets bigger with each EMI that is paid.
