An Home Loan EMI Calculator is a digital tool used to calculate the monthly payment required to repay a loan (such as a home loan, car loan, or personal loan) over a specified period. It helps borrowers plan their finances by providing an estimate of the monthly installment they need to pay.
Calculate EMI on Home, Car and Personal Loans:
You can calculate EMI on Home, Car and Personal Loans using Fincal EMI Calculator Online or Fincal Mobile App. This is best Online EMI Calculator tool with multiple prepayment tool available to calculate your loan EMI using multiple prepayments like monthly, quarterly, yearly, one time for the amount borrowed. It allows you to add multiple prepayment options quickly and easily to plan smartly your loan repayment properly. It is a simple-to-use tool available in market
What is EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off loans, such as personal loans, home loans, car loans, mortgage loans or any other type of borrowing from financial institutions. EMI is a fixed monthly payment made by a borrower to repay a loan. It includes both the principal (loan amount) and interest, divided over the loan tenure. EMIs ensure consistent payments, simplifying budgeting for the borrower.
Types of EMI Loans:
- Fixed EMI Loans: The EMI remains constant throughout the tenure.
- Floating EMI Loans: The EMI may vary based on changes in the interest rate.
What is Home Loan EMI Calculator?
An EMI (Equated Monthly Installment) calculator is a tool used to calculate the monthly payment (EMI) amount that a borrower needs to pay on a loan. It helps in determining the fixed amount that needs to be paid each month towards the loan principal and interest over the loan tenure. EMI calculator online tool works as EMI estimator also as well as Monthly installment calculator.
How to Calculate EMI of Loan:
The EMI is calculated using the following formula:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
Where:
- P = Loan Amount (Principal)
- R = Monthly Interest Rate (Annual Interest Rate divided by 12)
- N = Number of Monthly Installments (Loan Tenure in months)
Example: If you take a personal loan for ₹5,00,000 at a 10% annual interest rate with a 5-year tenure, you’ll need to pay ₹10,624 every month as EMI.
Fincal EMI calculator will provide you this functionality on to get rid of tiresome job or visit to bank to calculate forecasted plan of of your loan closure. Fincal EMI calculator provide you best solution to visualize your EMI + principle + interest+ prepayment graph.
Below screenshot images captured from Fincal EMI calculator website where you will able to calculate EMI with accurate details.
Plan Smarter: Benefits of using an Home Loan EMI Calculator Tool
- Informed budgeting : Gain clear insight into how comfortably the estimated EMI aligns with your existing financial commitments
- Comparative analysis : Explore various loan scenarios by adjusting loan amounts, terms, and interest rates to identify the option that best suits your needs.
- Confident decision-making : Acquire a valuable preliminary understanding of potential loan obligations, enabling you to proceed with informed financial choices
Types of EMI Calculators:
1. Home Loan EMI Calculator
Designed to assist in planning your home purchase or renovation loan repayments. It considers loan amount, repayment term, interest rates, and processing fees to give you clarity on your monthly installments. Fincal EMI Calculator Online or Fincal Mobile App designed for EMI calculator for home loan.
2. Personal Loan EMI Calculator
Perfect for Loan EMI calculation of unsecured loans used for purposes such as travel, medical expenses, or debt consolidation. It evaluates loan amounts, repayment tenure, and interest rates to help manage your finances better. Fincal EMI Calculator Online or Fincal Mobile App designed for EMI calculator for personal loan.
3. Car Loan EMI Calculator
Ideal for car buyers, this calculator estimates monthly EMIs by factoring in loan tenure, interest rates, and down payment options, ensuring you plan efficiently for your vehicle purchase. Fincal EMI Calculator Online or Fincal Mobile App designed for EMI calculator for car loan
4. Education Loan EMI Calculator
Designed to estimate repayment schedules for educational loans, including factors like moratorium periods, loan amount, repayment duration, and interest rates. It helps students and parents make informed repayment plans.
5. Loan against Property EMI Calculator
Useful for loans secured against your property, this calculator evaluates repayment amounts based on loan value, interest rates, and loan tenure, helping you effectively manage property-backed loans.
What is prepayment calculator?
A prepayment calculator is a tool used to estimate the impact of making extra or early payments (prepayments) on a loan, such as a mortgage, personal loan, or car loan. Prepayments refer to payments made before the scheduled due date or additional payments beyond the regular monthly amount.
To know more. open Prepayment calculator blog.
Types of prepayments:
- Monthly : We can plan monthly prepayment with start date till tenure end. Also, customer can do monthly prepayments till specific date using custom date option.
- Quarterly : We can plan quarterly prepayment with 3 month periodic prepayment with start date till tenure end.
- Yearly : We can plan every year prepayment using this calculator till tenure end.
- One time only : We can pay single prepayment or one time only prepayment on selected date.
Fincal Mobile App is best EMI calculator in available in market as Financial Calculator. This app allows to add multiple prepayments / part payment so customer can customize their loan closure very smoothly and easily without having complex calculations. Fincal Mobile App provide you comprehensive EMI breakdown against your loan and works as EMI planner, which help in EMI comparison.
Key purposes of a EMI Prepayment calculator:
The purpose of prepaying is to reduce the total interest paid over the life of the loan and potentially shorten the loan term. When you make extra payments towards the principal balance of your loan, you reduce the amount of interest you will pay in the future because interest is calculated on the remaining balance
- Early loan closure : Customers can plan smartly to close home loans, car loans, personal loans, and mortgage loans early by making extra prepayments.
- Interest Savings : It helps in estimating how much interest can be saved if additional payments are made towards the principal
- Revised EMI (Equated Monthly Installment) : It can show how the EMI or repayment schedule might change after making part payments.
- Updated Loan Balance : It calculates the new loan balance after each part payment, reflecting how much principal is remaining.
Frequently Asked Questions (FAQs):
What is EMI?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^(N-1)], where P is the loan amount, R is the monthly interest rate, and N is the number of monthly installments.
How is EMI Calculated?
EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^(N-1)], where P is the loan amount, R is the monthly interest rate, and N is the number of monthly installments.
Can the EMI amount change during the tenure?
EMI amounts remain fixed for fixed interest loans but may change for EMI floating interest rate loans depending on market conditions.
Is prepayment beneficial for reducing EMI?
Yes, prepayment can reduce the loan principal, thereby decreasing the EMI or shortening the loan tenure.
What happens if I miss an EMI payment?
Missing an EMI payment can attract penalties, impact your credit score, and may lead to legal actions if not resolved
Can I pay more than my EMI amount?
Yes, you can make additional payments, often referred to as prepayments, to reduce the loan tenure or overall interest liability.
How does loan tenure impact EMI?
Longer loan tenures lead to lower EMIs but higher overall interest costs, while shorter tenures result in higher EMIs with lower interest costs.
Can i calculate home loan EMI with prepayment?
Yes, you can calculate loan EMI by adding prepayment using Fincal Mobile app or Fincal website.
Which mobile app or website available to calculate EMI with multiple prepayment
Android Fincal Mobile App or Fincal EMI Calculator Online allows you to add multiple monthly, quarterly, yearly, one time prepayment or part payment while calculating loan EMI.
What EMI Repayment calculator?
The EMI repayment calculator is nothing loan repayment calculator used to find early repayment against loan tenure.
Can i use Loan EMI Calculator as mortgage calculator?
Yes, Loan EMI Calculator is a simulation that shows the monthly amount payable to the lender and can be used as home loan mortgage calculator. This works as Loan amortization calculator where it let you to calculate the amount you need to pay per month based on the Loan Amount, Annual Interest Rate, Total Period and Cushion Period.
Is EMI Calculator one time prepayment tool available online?
Yes, Fincal Mobile App or Fincal EMI Calculator Online allows you to add multiple monthly, quarterly, yearly, one time prepayment or part payment while calculating loan EMI.
Can Partpayment Calculator used to reduce home loan?
Yes, Partpayment Calculator is used to reduce the loan principal amount, which in turn reduces the EMIs or the loan tenure. Part payment Calculator helps you to plan while paying a lump sum amount in addition to your regular EMIs but without closing the loan.