How this calculator works
The monthly rate is the nominal annual rate divided by 12. Equal payments are due at each month end and interest is charged on the remaining balance. Enter a tenure containing a whole number of months. The table keeps full precision internally; actual lenders may round each payment and adjust the final instalment. The entered principal is the amount borrowed after any cash down payment. Upfront costs are excluded.
Formula
i = annual rate/12. EMI = P x i/[1 - (1 + i)^(-months)]. At zero interest, EMI = P/months. Interest = EMI x months - P.
Worked example
An INR 1,200,000 housing loan at 0% over 120 months has INR 10,000 EMI. At 12%, an INR 1,000 illustration over two months has INR 507.5124 EMI.
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Frequently asked questions
Does this forecast floating rates?
No. The supplied rate stays fixed throughout the projection. Recalculate when a floating rate changes.
Are property taxes included?
No. Maintenance, property tax, insurance and upfront purchase costs are outside the loan repayment.
Can I model prepayments?
This page assumes scheduled payments only. A lender schedule is needed for changing EMI or prepayment charges.