The EMI (Equated Monthly Installment) you pay is directly proportional to the loan amount (known an principal in bank's terms). Longer the tenure of loan repayment, the higher is the fraction of the interest in your EMI. For a given loan amount, rate of interest and period of repayment, this tool allows you to calculate the following:
- EMI
- Total amount you pay to the bank
- Total interest amount
- Amortization Schedule (very detailed monthwise break-up of principal/interest of EMI and outstanding loan amount)
This allows to calculate what is the maximum loan you can get for your income.
This tool (one HTML file) is entirely written in Javascript. No data is sent/tracked to any server.