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Author: admin | Category: Lease Car Calculator | Date: 04.11.2014

Some loan calculations can be very simple, and the purpose of the simple loan calculator spreadsheet below is to demonstrate this with Excel.
This loan calculator uses the PMT, PV, RATE, and NPER formulas to calculate the Payment, Loan Amount, Annual Interest, or Term Length for a fixed-rate loan. Annual Interest Rate: This calculator assumes a fixed interest rate, and the interest is compounded each period.
Payment (Per Period): This is the amount that is paid each period, including both principal and interest (PI). Use this option when you know how much you need to borrow and want to find out how the interest rate or term affects your payment.
Use this option when you know how much you can afford to pay each month and want to find out how large of a loan you might get. For example, with a $250 monthly payment, if you got a 5-year loan with a 6% interest rate, the loan amount is calculated to be $12,931.39. It isn't as common to solve for the interest rate because you may not have any control over what your interest rate can be (other than shopping around for the best one). Amortization Schedule - Create a loan amortization schedule and make arbitrary extra payments.
Disclaimer: This loan calculator and the information on this page is for illustrative and educational purposes only.
Manish Chauhan 558 CommentsDo you know who to calculate principle and interest part in your home loan’s EMI break up? However, even today, a lot of people have no understanding of the idea that in the early years of repaying the loan, interest component is very high as compared to principal repayment. In the same way After 100 payments (8 yrs and 4 months), when you would be paying your 101st EMI of Rs 28,950, the interest part would still be as high as Rs 19,891 and the principal part would be Rs 9,060. A lot of investors opt for 15-20 yrs loan thinking that they will pre-pay the loan in next 4-6 yrs itself because of their salaries will rise or for some other reasons. So if you are taking loan for longer duration thinking that you would pre-pay the loan very soon, you need to rethink! If you take short term loans, because of the shorter duration, the bigger chunk of the EMI is actually principal part, hence you can look forward to pre-pay the loan incase you wish to. I have created and found out some loan amortization calculators which you can use for calculating your EMI’s and its breakup into principal and interest for each month. By now you must have got a clear understanding on loan amotization and how home loan EMI is broken into principle and interest component.
The Loan amortization calculator really helped me understand how the interest part is calculated every month.
I m planning to take a home loan for 30 Lakhs for which I have checked EMI in different Home loan calculators & found it to be around 31K for 15 years.
I suggest asking for explaination from the SBI customer support on this, as they will give you exact breakup .
That will require a good amount of calculation which is beyond the scope of comments section. How much ( i mean what %) loan I should be getting on my FD which is maturing in Dec’16? My query is that will the bank give us loan knowing well in advance that a major chunk of the loan will be prepayed? Perhaps, this credit card payoff calculator is just an ordinary tool you can find easily online. As most of people know, the toughest part of paying off credit card debt is a commitment not to use it again for any transactions, so everybody can commit on their designated payoff plan. Back to the template, basically this is a simple credit card payoff calculator that is created using microsoft excel built-in financial function, PMT and NPER function, which you can create yours just by following the formula I used in this template. But, if you are just planning to use it, you can just simply put numbers in your credit card statement in related input boxes.


By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. On each payment that is made, a certain amount of interest is taken out to pay the lender back for the opportunity to borrow the money, and the remaining balance is applied to the principal balance. We can better understand mortgage payments by looking at a loan amortization chart, which shows the specific payments associated with a loan. For example, let’s look at a scenario where you borrowed a $100,000 loan at 7.5% interest rate, fixed for 30 year term. An amortization chart runs chronologically through your series of payments until you get to the final payment.
Another frequent use of amortization charts is to determine how extra payments toward principal can affect and accelerate the month of final payment of the loan, as well as reduce your total interest payments. I have worked as a residential mortgage advisor since February of 2000 and a part of the founding team here at Province Mortgage.
Unlike many of our other mortgage and loan calculators, our Simple Loan Calculator uses just the basic built-in financial formulas to calculate either the payment (using the PMT formula), the interest rate (using the RATE formula), the loan amount (using the PV formula), or the number of payments (using the NPER formula).
Descriptions for each of the fields are provided below, as well as examples for how to use each of the options.
You can also enter your current balance, if you also adjust the Term of Loan to be the number of years left to pay off the loan. Keep in mind that there may be other fees in addition to standard loan payment (principal+interest), such as insurance, taxes, etc.
The benefit of this approach is that if you run into hard times, you can stop making the extra payments. Loan is opted for from a Bank and you start paying your EMIs each month as contracted (see this excellent article on how EMI formula is derived). The longer the tenure of the loan, the interest component will be higher than principal payments and also the rate at which the interest part will come down will also be lower, making sure that in the initial years most of the EMIs goes towards ‘Interest’ and not ‘principal’. In the first EMI, the interest part would be Rs 25,000 and only Rs 3,950 will be the principal payment, which means out of total hdfc home loan of 30 lacs, only Rs 3,950 will be reduced in the first month and rest Rs 25,000 will go away in interest.
So each bar is broken into two parts, where green bar represents Interest part and orange bar represents principal part. In these cases, for the initial years they keep paying loan interest only and not a lot towards principal. There are many factors here which is beyond my understanding , as its related to your case ! I have created this tool last year to help me getting a better view about my credit card debts. But, there is always a temptation to use it again and again with some consideration that they still have some budget to pay or they will earn some money to pay it later.
The needed numbers are: current balance or usage, yearly interest rate, and minimum payment. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page.
Since there is more interest being paid at the beginning of a mortgage payment term the amount of money applied to interest decreases over time, while the money applied to the principal increases.
To ensure full repayment of principal by the end of the 30 years, your payment would need to be $699.21 per month. Because the payments are remaining the same, each month the interest will continue to be reduced and the remainder going towards principal will continue to increase.
The chart can also be a useful tool to determine interest paid to date, principal paid to date, or remaining principal. We believe that by doing right by a family today, we can create a relationship for life, and, hopefully, and ambassador who will share the experience with others. The downside is that if you don't have the discipline to make the extra payments, you'll end up paying more interest overall.


It is extremely important to have this knowledge because a lot of real life decisions like prepaying the loan, opting for the loan tenure and many more such aspects depend on how your EMI is structured. When you pay your EMIs, some part of it goes towards interest and remaining towards principal repayment.
It is clearly visible that how interest forms a major part of overall EMI in initial years and only in the later years principal part becomes high. When they prepay the loan, they end up paying a little lesser amount then original loan amount. A better option which I can think of is to pre-pay in small chunks each year along with your EMI’s from the start of the loan payment.
The interest on the emi calculator is different and the actual deduction that happens is different. If I have funds to pay towards the loan, is it better to park funds in the loan OD account, or is there any reason to have sufficient loan balance for gaining from Sec 24 benefits in taxes? I checked the online calculators for balance transfers but most of them are suggesting to stay with my current bank. I was looking for something like that; I was about give up my search and start writing something in my matlab. But, it is more common also that they are running out of credit card limits and the money budgeted for those credit card payment is already spent for other things.
In the first month, you owe $100,000, which means the interest would be calculated on the full loan amount. When you invest money into the stock market, you expect status updates from your financial advisor, don’t you? If you entered your current balance in the Loan Amount, then for the Term enter the number of years you have left until your loan is paid off. So each month you are reducing your loan by some extent and now as your loan have reduced, you will be paying less interest on your next instalment. When you make your 200th EMI payment of Rs 28,950; this time your interest part would be very less at Rs 8,349 and principal would be Rs 20,601. So, after two years we will prepay 20 lakh of the loan as he will get a lump sum amount on retirement.
Just remember that the results in this tool is an illustrative result since the real result could be different based on credit card issuer policy, as I stated in the beginning paragraph, that I used this tool only for getting a better view about my credit card debts. When running through the calculator in the same process detailed above, you will find that your interest component is $624.54. In the same way, with each passing month, your loan gets paid by some amount and balancing amount keeps on reducing resulting in paying lesser interest month on month and year on year and the day comes when you fully close your loan. So now, with all these examples I gave, you can see how interest part is very high in initial years. I personally don’t see any reason to pay interest, and gain in taxes, but I wanted to confirm that I am not missing anything. Then, you can go to the Pay Off Goal part and type your desired months to pay off or desired monthly payment or you can fill both white boxes to compare to find the best payment option. That’s why we provide our free Mortgage Under Management service for all of our loyal clients. Note that your EMI is generally fixed and internally it’s worked out into ‘interest’ and ‘principal’ repayments. But the positive side is that there might be a good appreciation in the house value itself. If you only owe interest of $625, then the remainder of the payment, $74.21, will go towards the principal.



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