Highlights
- Check your EMI with the loan calculator.
- Know your payments in advance for free.
A loan EMI calculator will help you in making the right choice of the lender. Since the home loan has the maximum tenure of 25 years, if you are prepared for the payments in advance, you can actually pay the amount without affecting your other financial liabilities. The comparison table in the form of graphical representation is available below which shows the payments for the default value. You can change the values as per your research and see different values.
How can you calculate your EMI?
The calculation of EMI is done with the help of the details like the loan amount, interest rate and the tenure. Suppose you are taking a home loan of ₹15 lakhs and have been offered the rate of 12.45% per annum and the tenure you have chosen is 10 years, the payments you will have to make is as follows:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 15,00,000 12.45% 1 ₹ 1,33,589 ₹ 1,03,070 ₹ 16,03,070 ₹ 15,00,000 12.45% 2 ₹ 70,926 ₹ 2,02,220 ₹ 17,02,220 ₹ 15,00,000 12.45% 3 ₹ 50,144 ₹ 3,05,201 ₹ 18,05,201 ₹ 15,00,000 12.45% 4 ₹ 39,833 ₹ 4,11,983 ₹ 19,11,983 ₹ 15,00,000 12.45% 5 ₹ 33,709 ₹ 5,22,526 ₹ 20,22,526 ₹ 15,00,000 12.45% 6 ₹ 29,677 ₹ 6,36,779 ₹ 21,36,779 ₹ 15,00,000 12.45% 7 ₹ 26,841 ₹ 7,54,680 ₹ 22,54,680 ₹ 15,00,000 12.45% 8 ₹ 24,752 ₹ 8,76,158 ₹ 23,76,158 ₹ 15,00,000 12.45% 9 ₹ 23,159 ₹ 10,01,134 ₹ 25,01,134 ₹ 15,00,000 12.45% 10 ₹ 21,913 ₹ 11,29,518 ₹ 26,29,518
Year Principal Interest Balance Amount 1 ₹ 80,703 ₹ 1,82,248 ₹ 14,19,296 2 ₹ 91,345 ₹ 1,71,606 ₹ 13,27,950 3 ₹ 1,03,389 ₹ 1,59,562 ₹ 12,24,561 4 ₹ 1,17,022 ₹ 1,45,930 ₹ 11,07,538 5 ₹ 1,32,452 ₹ 1,30,500 ₹ 9,75,086 6 ₹ 1,49,916 ₹ 1,13,035 ₹ 8,25,169 7 ₹ 1,69,684 ₹ 93,267 ₹ 6,55,485 8 ₹ 1,92,058 ₹ 70,894 ₹ 4,63,427 9 ₹ 2,17,382 ₹ 45,570 ₹ 2,46,045 10 ₹ 2,46,270 ₹ 16,907 ₹ 0
What is the formula used for EMI calculation?
Even though the calculation looks simple, the formula with which the calculator shows the results is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments