Year | Principal (A) | Interest (B) | Total Payment (A + B) |
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Purchasing a home is a significant financial decision, and understanding your Home Loan EMI is essential for long-term financial planning. Here are the ways a Home Loan EMI Calculator can help you:
EMI = (P * r * (1 + r)^n) / ((1 + r)^n - 1)
Here,
P | symbolises the initial loan amount |
r | signifies the monthly interest rate |
n | represents the total count of monthly repayments |
Consider a home loan of INR 30,00,000 with an interest rate of 8.5% per annum for a tenure of 20 years (240 months). Applying the formula:
EMI = (3000000 * 0.007083 * (1 + 0.007083)^240) / ((1 + 0.007083)^240 - 1)
EMI = INR 24,659.24
Even though you can use this formula to calculate your home loan EMI, it can be challenging and prone to errors. Opting for an EMI calculator provides borrowers with a convenient and reliable tool for accurate repayment estimations, facilitating better financial management and decision-making.Using our Personal Loan EMI calculator is straightforward, allowing you to plan your home financing journey effectively. Here's a step-by-step guide:
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