![]() ![]() For subsequent months, this will same as previous month’s closing balance. Opening Balance is same as loan amount for month=1.Related: Read about SEQUENCE and other Dynamic Array functions in Excel. You can use =SEQUENCE(360) to automatically generate all the months. So, set up a range of 360 months (or longer if you want to cater for longer mortgages). In my case, let’s say loan is $500,000, term is 20 years and APR (Interest rate) is 5.35% per annum.Īs extra payment will bring down the outstanding loan term, we need to set up an amortization table to see the impact clearly. To understand how this tool will help in financing your dream home, here is a brief glimpse of the home loan EMI calculation process functions, which variable options are available, and how the EMI calculator crunches numbers to give you the exact EMI amount to repay each month.Step 1: Calculate the monthly (or weekly / fortnightly) payment:Īssuming you have the Loan amount, term & APR in three cells E5, E6 & E7, we can use the PMT() function to calculate the periodic payment. This tool will calculate the EMI amount instantly giving you a reasonable idea of the monthly outflow that will contribute towards your home loan repayment. The expected interest rate in the respective fields (ROI).Entering the principal home loan amount you wish to take,.This simple, user-friendly tool design will instantly give you the approximate value of the monthly EMI on a Home Loan. So do you strongly covet a property but are deterred by the bugbear of the EMI (Equated Monthly Instalments) complexities involved? Relieve yourself of the tedious and lengthy methods employed to calculate the monthly repayment amount with the PNB Housing Finance – Home loan EMI calculator. How to Use PNB Housing Loan EMI Calculator?įor most of us, life’s most gratifying and rewarding project is owning a house. This gives you an insight into how the two components of your Equated Monthly Instalments will vary throughout the tenure – the interest component reducing and the principal component increasing. Our advanced house EMI calculator also displays a breakdown of your home loan amortization schedule. Remember, the longer the tenure, the lesser the EMI. Whatever tenure corresponds to that is the right tenure for you. Received multiple home loan offers of varying tenures and interest rates? Compare them by figuring out the monthly instalments for each offer using the home loan EMI calculator.īy moving the tenure slider on a home loan tenure calculator above, you can accurately settle on the optimum EMI for a home loan. This gives you a fair idea of how much interest you will be paying on your loan. Once you enter the loan amount, the home loan interest rate and the tenure, the house loan calculator will display both the total interest component and the total payment amount. Figure out the Total Home Loan Interest Component.Once you have checked our home loan eligibility criteria and used the home loan eligibility calculator to determine how much home loan you can afford, calculate the home loan EMI accurately and swiftly with a house loan calculator. There’s no better tool out there for financial planning when it comes to a housing loan. Here’s a list of our online home loan calculator uses. Total amount = EMI*T = 16729*240 = INR 40,14,912/- Benefits and Uses of Home Loan EMI Calculator From this, you can even calculate the total amount you owe the financial institutions after taking up a home loan. If you opt for a housing loan of INR 20 lakh at an interest rate of 7.99% p.a., and your tenure is 20 years i.e., 240 months, then your EMI can be calculated as:Īfter putting the correct R-value in the formula, we get an EMI of INR 16,729. R = Monthly rate of interest i.e., the percentage rate of interest divided by 12 Wondering how a home loan EMI calculator works? Here’s the formula: As the loan matures, the interest component decreases while the principal component gradually increases. In the initial years of the loan, a major portion of the EMI comprises interest payable since the principal amount is large. Home loan EMI is calculated by the financial institutions (FI) on principal, interest to be paid and tenure. What is a Home Loan EMI Calculator?Ī Home Loan EMI calculator is an online tool that helps you estimate your monthly payout towards EMIs. Contact our customer service experts for more information and guidance on home loans. Say goodbye to manual errors and tedious calculations use our calculator to plan your home loan within seconds. ![]() Our EMI calculator will generate an approximate amount based on your input. Simply input your selected loan amount, the provided interest rate, and the loan term and click ‘Calculate’. Calculate your EMIs with PNB Housing’s easy and intuitive Home Loan EMI Calculator. ![]()
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