Online Home Loan EMI Calculator:
The one of the most important thing today, technology is working very fast and advanced level, whatever we want to do, we can do online which is saving timing as we do not have to go anywhere. Online means if you are in a home or you are spending a quality time with your family or friends, the work can be done from there as well.
What is home loan EMI calculator?
A home loan calculator is a machine or tool that helps you to know that amount of your EMI you need towards the loan you have taken from the bank or other financial institution
In the modern era is an automated machine era, today most of us heavily depend on the machine as machine gives you the correct result as every users want. If you talk about a calculator, calculator is a machine which calculates after you put data on that particular machine. Home loan calculator is playing an important role in calculating your home loan calculation.
A home loan calculator is a machine which calculates your home loan. In today time most of us take loan from a bank or a financial institution, as almost every person who have taken a loan, which you suppose to pay in Equated Monthly Installment (EMI), so this home loan calculator helps you know the amount of the EMI which you need to pay towards your home loan.
How to Calculate Home Loan EMI using formula
The formula for Home Loan EMI Calculation
We understand this by an example
EMI = [P x r x (1+r)^n]/[(1+r)^n-1]
E = Equated Monthly Installment (EMI)
P = Principal loan amount
r = Rate of interest or EMI Rate (calculated monthly basis)
n = Number of monthly installments or loan tenure in months
The formula is one of the most important as far as doing a hard calculation, before some time when these calculators do not come into existence, we use to do the calculation manually, but we might not get the proper or a user would have wanted to get, so if you know the formula we can even do anything as easy as ABCD.
Suppose your loan amount is 3000000 and the interest rate is 9.05% and loan term is 20 years then your monthly EMI will be 27088.32
Total amount payable=6501197.08
How to Calculate EMI for Home Loan using Excel sheet
The method of calculating a home loan EMI using in excel spreadsheet, for this you need three variable
Rate of interest
Period. (Rate of interest should be calculated on a monthly basis
For example: The amount of loan is 5 lac for 2 years and rate of interest is say 12% per/ year then the EMI calculation is PMT(12%/12, 24, 500000)
EMI for home loan calculator
It is playing a greater role in our society today as today everyone is busy in their work, so we need something which can be must for us, so thanks to that person who made calculator for people like us.
Use our Calculate home loan calculator for most appropriate result also we will be happy to answer your queries if you have. For more information regarding home loan calculator, CAGR calculator, compound interest calculator, and any other calculator you can visit us at: www.Markcalculate.com
Advantages and Disadvantages of Home Loan Calculator
The world is very fast today, everyone want result in very less time, as you must have heard from most of us mouth that they do not have time. So we must need a tool or a machine that calculates anything for us so that we could save our time, and also we would able to get accurate results
In the past, we did not have this facility to calculate the loan or anything, but now we have a tool or machine that gives us 100% correct result in just seconds. Today, most of us take loan from a bank in return we make EMI to the bank so that we could able to return the whole amount to the bank with interest.
Using a home loan calculator EMI for getting exact amount we need to pay to the bank from where we have taken a loan.
Using a home loan calculator or any other machine not good for us as the dependency on the machine is making us useless as we are not doing or we do not want today without the help of machine, which not good for us. If we continuously keep using these machines (calculator) after some time our brain may stop working.
Use of Home Loan Calculator
Today everyone wants to have their own house wherever they stay, as most of us do not have enough money to buy a home. It is like a dream to have a house. To fulfil this dream you need money.
To have a house of yours, you need money, but the million dollar question is where the money will come, so our bank is playing very important role in providing a house for us indirectly means. They are providing loans for a user or a customer.
The banks are giving loans to you. So you will have returned the amount to the bank with interest. You can make EMI to pay to the bank, here the role of a home loan calculator starts. Manually, it is very difficult to calculate it is also time taking process, but if you use our calculator, you will get to know that our home loan calculator.
Our home loan calculator is very easy to use and it is giving 100% correct result within a second. There are many companies using our home loan calculator to calculate your loan.
Time is one of the most important assets, so we must take care of this asset. If you are taking help of online home loan calculator or any other related devices, it is saving your timings, you must use it to get best result. So if you want the 100% correct result in seconds, you must use our calculator services which will provide you 100% perfect results and is also very easy to use.
While every effort has been done in developing this calculator, we are not accountable for any incidental or consequential damages arising from
the use of the calculator tools on our web site. These tools serve to visitors as a free calculator tool. Please use at your own risk.
The calculations provided are just a guide. You are advised to speak to a professional financial advisor before taking any financial decision.