Every person at one point of time in his/her life goes for buying a new home. At such a time, a best-suited home loan is what you would look for. When you are availing a home loan, the foremost important thing you would want to know would be the EMIs you would have to pay towards your outstanding loans, after incurring the interest rates. EMI stands for Equated Monthly Installment. It includes your monthly installments towards your principal amount plus interest incurred on your outstanding loan amount divided over your tenure of the repayment period.
Home Loan EMI Calculator is a tool used to calculate the EMIs on your Home Loan. It allows you to calculate your EMIs based on your outstanding loan amount, rate of interest and tenure. A user has to provide specific inputs in the calculator like loan amount, interest rate, and tenure, and the calculator based on your inputs gives you the EMI you will have to pay every month towards your outstanding loan.
Value Money Home Loan EMI calculator allows you to better plan your EMIs so that you can plan your monthly budget accordingly. Also, you get an idea if you have to change/reduce your loan amount or tenure or downpayment to better plan your monthly budget.
Home Loan EMI Calculator works on the below specific formula. You can use a EMI calculator to plan your monthly instalments better, suiting your net total income.
EMI = [P*R*(1+R)^N] / [(1+R)^(N-1)]
- EMI = Equated Monthly Instalment
- P = Principal or loan amount
- R = Rate of Interest calculated per month
- N = Loan tenure in months