A mortgage calculator is a very useful tool that helps you calculate the EMIs you must pay to your lender every month against your property loan. It is super easy to calculate the EMI amount with a Mortgage calculator, all you need to do is enter the loan amount, the rate of interest and the tenure of the loan and in seconds you’ll have the monthly EMI before your eyes.
Here's the formula to calculate the Mortgage Calculator:
E is EMI
P is Principal Loan Amount
N Number of years
R Monthly interest rate
For example :
you avail a loan of INR 10 lakh with an interest rate of 12% for five years, so here’s how you will calculate your EMI. P = 10 lakh, R = 11/100/12 (You convert to months), N = 5 years or 60 months.
EMI = ₹10,00,000 * 11/100/12 * (1+11/100/12)60 / (1+11/100/1260 - 1)
How to use the Mortgage EMI Calculator?
- Use the slider for selecting the loan amount.
- Select the tenure of the loan in months.
- Move the slider and select for selecting the interest rate.
- The calculator will show you the EMI payable, Total interest, and Total Payable Amount.
- You can easily recalculate your EMI anytime all you need to do is change the input sliders accordingly.
- EMI will be calculated instantly when you move your sliders.
Benefits of Mortgage Loan Calculator
A Mortgage Loan Calculator helps you accurately make complex calculations super easy. Here are a few advantages of the Mortgage Loan Calculator:
- It is fast - It helps you with swift calculations.
- It is accurate - These calculators work on algorithms due to which there is a very less possibility of error.
- It’s free and unlimited - As this tool is free, you can use it whenever you like. Plus, as you are able to calculate your EMIs in advance, you can choose the best suitable plan/option for yourself.