EMI Calculator
📄 How does our EMI calculator work?
An EMI (Equated Monthly Installment) calculator helps you determine the monthly payment amount you will need to make for a loan, based on the loan amount, interest rate, and repayment tenure. The calculator uses a standard mathematical formula to divide the total loan amount into equal installments, factoring in the interest rate and duration of the loan. This ensures that you pay a fixed amount each month, making it easier to plan your finances. By inputting the loan details, you can instantly calculate the EMI, providing a clear understanding of your repayment obligations over the chosen period. It's a useful tool for borrowers to assess their affordability and plan their budgets accordingly.
📋 Formulas
An EMI (Equated Monthly Installment) calculator helps you determine the monthly payment amount you will need to make for a loan, based on the loan amount, interest rate, and repayment tenure. The calculator uses the formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Where:
- P: Loan amount
- R: Monthly interest rate (ROI/12)
- N: Tenure in months
💰 What is Property Tax?
Property tax is an annual tax paid by property owners to the local government or municipal corporation of their area. It is usually based on the value of the property and includes both land and buildings. These taxes are used to fund public services like schools, roads, and parks in your locality.
🗓️ What is Amortization or Loan Schedule?
An Amortization Schedule is a detailed table that shows the breakdown of loan payments over time into principal (amount reducing the loan balance) and interest (cost of borrowing). It helps visualize how your loan balance decreases with each payment and the total interest paid over the loan's term.
Key Points:
- Each payment has two components: principal and interest.
- Displays the outstanding loan balance after every payment.
- Helps plan finances by showing total loan cost and payoff timeline.
EMI Formula:
EMI = (P × r × (1 + r)n) / ((1 + r)n - 1)
Where:
P: Loan amount
r: Monthly interest rate (Annual Rate / 12 / 100)
n: Loan tenure in months
