We suggest that you calculate floating / variable rate EMI by taking into consideration two opposite scenarios, i.e., optimistic (deflationary) and pessimistic (inflationary) scenario.

If you wish to calculate how much loan you can afford OR determine advertised vs actual loan interest rate (along with loan APR) on a purchase, use our loan calculator. Want to make part prepayments to shorten your home loan schedule and reduce your total interest outgo? Use our Home Loan EMI Calculator with Prepayments. The payment schedule also shows the intermediate outstanding balance for each year which will be carried over to the next year. With passage of time, larger portions pay down the principal. During initial loan period, a large portion of each payment is devoted to interest. A portion of each payment is for the interest while the remaining amount is applied towards the principal balance. The payment schedule table showing payments made every month / year for the entire loan duration is displayed along with a chart showing interest and principal components paid each year. It displays the percentage of total interest versus principal amount in the sum total of all payments made against the loan. total interest payable) is also displayed. As soon as the values are changed using the slider (or hit the 'tab' key after entering the values directly in the input fields), EMI calculator will re-calculate your monthly payment (EMI) amount.Ī pie chart depicting the break-up of total payment (i.e., total principal vs. If you need to enter more precise values, you can type the values directly in the relevant boxes provided above. Use the slider to adjust the values in the EMI calculator form. EMI in arrears OR EMI in advance (for car loan only).Principal loan amount you wish to avail (rupees).You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator.Įnter the following information in the EMI Calculator: With colourful charts and instant results, our EMI Calculator is easy to use, intuitive to understand and is quick to perform. Our EMI calculator automates this calculation for you and gives you the result in a split second along with visual charts displaying payment schedule and the break-up of total payment. The total amount payable will be ₹13,493 * 120 = ₹16,19,220 that includes ₹6,19,220 as interest toward the loan.Ĭomputing EMI for different combinations of principal loan amount, interest rates and loan term using the above EMI formula by hand or MS Excel is time consuming, complex and error prone. i.e., you will have to pay ₹13,493 for 120 months to repay the entire loan amount. (i.e., r = Rate of Annual interest/12/100. R is rate of interest calculated on monthly basis. Even though your monthly EMI payment won't change, the proportion of principal and interest components will change with time. With each successive payment, you'll pay more towards the principal and less in interest. The exact percentage allocated towards payment of the principal depends on the interest rate. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment.

The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. It consists of the interest on loan as well as part of the principal amount to be repaid. Equated Monthly Installment - EMI for short - is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off.

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