What is Home Loan Calculator?
A home loan calculator is the same thing as a home loan calculator. This serves as an online calculator that helps to calculate your home loan. Also, the helps to calculate your estimated monthly payment. One of the popular home loan calculators is Home Loan EMI Calculator. All you need to do is provide certain information to help estimate your monthly payment or required payment to purchase a new home.
In calculating the mortgage payment, the required information includes your home price, down payment, loan terms, and also interest rate in calculating your monthly payment loan. However, according to our research based on Home Loan Calculator, Home Loan EMI Calculator was made. Therefore, we will be discussing more the Home Loan EMI Calculator.
According to HDFC, Home Loan EMI Calculator is an online tool used in calculating loan installments. This serves as an effective tool for financial planning for home buyers. You can calculate your home loan EMI which includes monthly Home Loan EMI, principal account, and more.
What is Home Loan EMI?
The full meaning of EMI is Equated Monthly Installment. This consist of the repayment of the principal amount, payment of interest on the outstanding loan, and more. According to HDFC, the formality used in calculating your EMI is P x R x (1+R)^N / [(1+R) ^N-1].
Where
P represents the Principal loan amount
N represents Loan tenure in months
R represents the Monthly interest rate
R represents the Annual Rate of interest/12/100.
Benefits of Using an EMI Calculator for a Home Loan
However, it is important to use an EMI calculator especially when you want to purchase a new home. Some of the common benefits include the following:
- Allows you to easily plan your cash flows.
- It is very simple to use. Whereby all you need to provide is the values of your loan amount, interest rate, and tenure.
- Using EMI calculator allows you to purchase your dream home by acquiring the right home that best suit your monthly budget.
- Above all, it’s easily accessible online, anywhere, anytime on your device.
These are the following benefits of a home loan calculator. In calculating your home loan with Home EMI Calculator, all you just need to do is visit the page on your web browser. Afterward, you can select your Loan Amount, Tenure (Years), and Interest Rate (%P.A.). Finally, you can click Apply Now and you can estimate your monthly home loan EMI as well as your principal amount and interest account.