Last Updated on June 25, 2023 by
Home loan EMI mortgage calculator is a free online mortgage and Home Loan calculator tool. You can use this tool to calculate and plan your monthly Home Loan EMIs by entering information such as total EMIs, total interest paid, and so on. The EMI calculator can estimate a home renovation loan that suits your needs.
All you would need to do is enter the loan amount, the interest rate, and the repayment term. You’ll know the EMI amount to be paid in less than a minute.
What Does EMI Mean?
The borrower repays every loan to the lender through a set amount of money each month, known as EMI (Equated Monthly Installment), until the loan amount is fully repaid. The principal amount borrowed, the interest rate charged, and the repayment term contribute to the EMI amount.
Knowing the EMI amount will help plan your finances and assess the impact on your budget.
The formula for Calculating Mortgage Loan EMI
The formula used to calculate a mortgage loan EMI is as follows:
P x R x (1+R)N / [(1+R)N-1]
- P is the principal amount borrowed
- R denotes the interest rate
- N is the number of months in the tenure
We understand that such calculations can be time-consuming and error-prone. As a result, the EMI mortgage calculator is widely used.
How Does the EMI Calculator for Mortgage Loans Work?
An online EMI mortgage calculator is a finance calculator used to calculate EMIs and compare EMIs for different loans and tenures. A Home Loan EMI calculator can help determine the exact EMI amount to be paid each month. This allows you to plan your cash flow more effectively.
To use the EMI calculator, follow these steps:
- Enter the amount of the loan that you want to apply for. Change the amount by dragging the slider
- Enter the interest rate, adjusting it using the slider
- Enter the repayment period using the slider
- Choose from all the loan options
That’s all! To calculate your EMI, follow these three simple steps. The calculation of an EMI has never been easier.
Advantages of Using an EMI Calculator
You can use a formula or an online house loan calculator to calculate housing loan EMI. But a Home Loan calculator has an advantage over manual formula calculation.
- Compared to manual calculation with a formula, a housing loan EMI calculator produces more accurate results and has a lower probability of calculation error.
- Customers can use the EMI calculator to determine the EMI they will have to pay for their loan without making any mistakes and effectively plan their finances.
- The loan calculator is free and can be used unlimited times.
To calculate and plan your loan repayment, it is always recommended to use an online house loan mortgage calculator. Save your time and get accurate results using the EMI calculator.
Conclusion
Home loans are approved based on the cost of the property and the borrower’s ability to repay. They are long-term loans with a repayment tenure of up to 30 years. You can calculate the Home Loan or Home Renovation Loan EMI by entering the loan amount, tenure, and interest rate based on your personal needs and eligibility criteria. The EMI mortgage calculator calculates the EMIs you must pay on a Home Loan. Buying a home is a big financial and personal decision. Therefore, conduct extensive planning and research before applying for a Home Loan.
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