Question 1

What is a Home Loan EMI calculator?

Accepted Answer

Home loan EMI calculators help determine one’s EMI with minimum inputs and give the potential borrower a breakdown of the interest payment due on their home loans, along with the monthly repayment obligations.

Question 2

How is Home Loan EMI calculated?

Accepted Answer

E = [P x R x (1+R) ^N] / [(1+R) ^N-1] where, E = EMI amount, P = Principal amount, R = Rate of interest (monthly), N = Period of time or tenure of the loan