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Author: admin | Category: Calculateur De Pret Auto | Date: 14.11.2015

The best part of fixing Equated Monthly Installments or EMI at the time of taking loan is that the borrower will know precisely how much money they need to pay toward their loan each month. Loans like personal, home, car and others are required the borrower to make a series of monthly payments called EMI for the loan amount over the period. EMI is directly proportional to the loan amount taken and inversely proportional to time period. However interest portion of the loan amount is higher in the initial years and slowly decreases over the years as you start paying your EMI. In this case, with every payment of your EMI, principal portion will get reduced and on the reduced principal amount your interest will be calculated every month.
The spreadsheet is easy to use and navigate; required parameters are highlighted, and drop-down menus let you change the payment frequency and compounding period. This tool also generates a payment schedule, giving the date of each payment (and the interest and principal paid of every payment, and the balance).
So what this this auto payment calculator do better than the other calculators you can find littering the Internet?

This alters the amount of each payment, and the total interest paid at the end of the loan. This article describes how this spreadsheet calculates interest payments (the article is targeted at mortgages, but the theory and math is exactly the same). There is not much information for this basic financial function, and if you want to understand more about this function, just use this function for other loan types and play around with all parameters. When you take a loan from bank or financial institutions, you are required to pay fixed monthly payments or EMI calculated based on the amount of loan and contracted period. The principal portion of the loan is lower in the initial years and slowly increases over the years. After such calculation, total of interest and principal amount will be added up and divided by the loan period to get EMI. However, if any of these three factors changes then EMI will also change and you need to pay higher or lesser EMI. You can also investigate how changing your loan conditions (such as the payment frequency or the term) affects the payment.

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Based on the loan amount, interest will be calculated at the beginning and both interest and principal amount will be divided by loan tenure to get EMI figure. In that case, you might find a tool to calculate it roughly before decide the amount of money you want to loan.
As discussed, EMI depends on three factors: loan amount, interest rate and tenure of the loan.
Let us calculate when interest is charged at a flat rate and also when its on diminishing balance rate.

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Comments to «Calculate loan on excel»

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