Home Loan EMI Calculator
This Housing Loan/ Home Loan EMI Calculator helps to calculate the EMI and interest with Prepayments, Taxes and Insurance on the home loan. This home loan calculator can also be used as Home Loan Prepayment Calculator that shows the interest and Number of EMI prepayments saved by making regular extra payments on the loan.
Home Loan EMI Calculator
Use our free Home Loan EMI calculator to find out your monthly EMI payment including prepayments (extra payments), taxes, insurance, current interest rates, and more. See a breakdown of your home loan costs with amortization schedule, including taxes and insurance.
|Principal & Interest (EMI)||₹1,690|
|Monthly Extra Payment (from Oct 2013)||₹0|
|Total Monthly Payment||₹2,244|
|Down Payment, Fees & One-time Expenses||₹35,000|
|Taxes, Home Insurance & Maintenance||₹1,60,783|
(Oct 2013 - Sep 2043)
How to use Home Loan EMI Calculator?
Our Home Loan calculator helps to calculate EMI with prepayments, taxes and insurance and generates amortization schedule. Unlike EMI Calculator, this Home Loan Calculator shows the interest and Number of EMI prepayments saved by making regular extra payments on the loan
Easy Steps to use Home Loan EMI Calculator:
- Enter Home Loan details such as home value, down payments and loan insurance.
- Enter loan interest rate in percentage.
- Select Loan term in years or months.
- Click on Add Prepayments to include Extra payments (one-time only/monthly/yearly/quarterly)
- Now, check your Home Loan EMI calculations with amortization schedule.
- Optional: Print your Home Loan EMI calculation.
What Is A Home Loan?
In recent times, the prices of real estate have soared to new heights, making it almost impossible for most to purchase it without taking aid or housing loans. In order to get an estimate of monthly EMIs against a particular loan, an EMI calculator helps individuals in making a more mindful decision regarding their expenses.
In this article, we check out what a home loan EMI calculator is and how it can help individuals in India.
What Is A Home Loan EMI Calculator?
A Home Loan EMI Calculator is quite a straightforward and easy way to get an estimate of interest payable on a specific loan amount, monthly EMIs, the total amount due, etc. It can be calculated using the loan amount, tenure, and interest rate. This calculator helps individuals make a more educated judgment before sanctioning a home loan. It is accurate, reliable, and time-efficient, unlike manual calculations that could take hours and still not be precise.
Home Loan EMI
EMI is the short form of Equated Monthly Installment or monthly installments, which need to be paid over a period of time. These include principal + interest on the home loan. Interest is directly proportional to tenure, i.e., the longer the tenure, the higher the total interest.
Factors Affecting Home Loan EMI
Three main factors can affect home loan EMI, i.e., principal loan amount, interest rate, and tenure of the loan. The principal is the loan amount an individual actually takes. It is directly proportional to the EMI. The rate of interest also affects an EMI. Typically, the higher the interest rate, the higher will be the EMI and vice versa. However, tenure is inversely proportional, which means that a longer tenure makes the EMI amount less and vice versa.
Benefits Of Knowing A Monthly EMI Of Home Loan In Advance
It can be super beneficial to know precisely how much EMI you have to pay on a monthly basis towards your home loan. For starters, it helps individuals in making a more informed decision about their finances and ensures financial stability. It could assist you by letting you know the monthly amount you need to keep aside from your income in favor of your monthly EMIs.
This will ensure that you do not end up missing one of your EMIs and thus, ruining your credit score in the process. With a home loan EMI calculator in your corner, you can make your EMI payments on time each month without default.
Therefore, a home loan EMI calculator allows you to know if you can spare a certain amount every month from your pocket or not, and you can adjust the tenure of the loan accordingly.
Home Loan Amortization Schedule
A home loan amortization schedule is nothing but a detailed record of periodic payments against the home loan. An amortization calculator is used to generate it. Amortization can be defined as a method of repayment of a home loan through EMIs over a certain period of time.
An amortization schedule separately lists down the interest and principal amount in each and every EMI until the total loan is paid back. Therefore, it can be a pretty useful asset when it comes to paying back your home loan, including your EMIs on a monthly basis.
A Portion Of The Interest And Principal In EMIs
In the early stages of repayment of a loan through EMIs, a part of the interest paid is higher in comparison to the principal. However, as time goes by, the interest component starts to decrease, and the principal component starts increasing.
One way to pay your monthly EMIs is through the Electronic Clearing System, wherein EMIs are debited directly from your bank account on a specific date every month. This method is particularly handy as you do not have to worry about making manual payments and simply need to ensure that you have the EMI amount in your bank account before the due date each month.
Payment Of A Home Loan In Advance
An advance payment of a part of the total loan amount results in decreasing the principal amount, which decreases the overall interest on the loan. This, in turn, finally reduces the EMI amount or the tenure of the loan.
Reduce Tax Obligations On The Repayment Of Home Loan Through EMIs
When paying a home loan through EMIs, one can claim tax deductions of up to INR 1,50,000 on the principal amount under section 80C of the Act. In addition to that, Section 24 allows for tax deductions on the interest paid by way of EMIs.
Why Use A Home Loan EMI Calculator?
Online calculators have become quite popular in recent times and due to an excellent reason. They help us calculate a number of things sitting in the comfort of our homes. In this case, a home loan EMI calculator is a pretty useful asset in India as it helps us calculate our monthly EMIs on home loans with relative ease. But why use a home loan EMI calculator? What are its advantages? Let us find out!
Allows You To Make A Decision
Using a home loan EMI calculator can allow you to make an informed decision as you can see whether or not you will be able to afford an EMI of a specific amount every month.
Lets You Adjust The EMI Amount
Based on the knowledge you glean from the calculator, you can either increase or decrease the loan amount with ease. This ensures that you do not have to pay more than you can afford every month.
Equips You With Accurate Knowledge So That You Do Not Miss Payments
Since a home loan EMI calculator allows you to calculate your monthly EMIs in advance, you can keep that amount in your bank account and make sure that you do not end up missing any payments.
As is evident, a home loan EMI calculator is the perfect way for you to keep your finances in check and only go for the EMI amounts that you know you can handle on a monthly basis.