EMI, eligibility, prepayment and plain interest, with the schedule shown
Everything here runs in your browser. Files are never uploaded.A loan is four numbers: how much, for how long, at what rate, and what that costs in total. Banks quote the first three and rarely the fourth, which is the one that decides whether a longer tenure is a kindness or an expensive habit. These work out the instalment, the full repayment schedule, what the same loan costs if you pay a little extra, and how much a lender is likely to lend against your income.
EMI Calculator gives the monthly instalment for any loan and, more usefully, the amortisation schedule behind it. Read that table once. In the early years of a twenty-year home loan, most of each instalment is interest and very little touches the principal, which is why the outstanding amount barely moves for the first few years and why prepaying early is worth so much more than prepaying late.
Home Loan Prepayment Calculator shows what one lump sum, or a little extra every month, actually saves. You choose what the saving buys: a shorter loan or a smaller instalment. Shortening the tenure saves far more interest and keeps the instalment as it was; reducing the EMI saves less and helps cash flow now.
Home Loan Eligibility Calculator works from your income and existing obligations to the amount a lender will consider, and shows what down payment that leaves you to find. Eligibility is not a target. The amount a bank is willing to lend and the amount that leaves you able to live are different figures, and only one of them is calculated by the bank.
Interest Calculator does simple or compound interest on any sum at any rate, for the loans that come without a schedule: money from family, a chit, a supplier's credit terms.
Compare the total repayment, not the EMI. A longer tenure always shows a smaller instalment and always costs more. Then add the parts the rate does not include: processing fees, insurance sold alongside the loan, and whether the rate is fixed or floating. A floating rate quoted today is a rate for today only.
Every figure here is an estimate for planning. The sanction letter is what governs.
Reduce the tenure if you can manage the current instalment. It saves substantially more interest, because interest accrues on the outstanding balance for fewer months. Reducing the EMI helps monthly cash flow and saves less.
Because each instalment pays the interest on the outstanding amount first, and only the remainder reduces the principal. Early in a long loan the interest portion is most of the EMI, which the amortisation schedule shows month by month.
The instalment is smaller and the loan is dearer. Twenty years instead of fifteen at the same rate lowers the EMI and raises the total interest considerably, because you are borrowing the same money for five more years.
Lenders usually work to a ceiling on how much of your income can go to all EMIs together, and lend against the property value with a margin you pay yourself. The eligibility calculator shows both the loan and the down payment it implies.
For a floating rate home loan to an individual borrower, prepayment charges are generally not permitted. Fixed rate loans and other loan types can carry them, so check the sanction letter before making a large prepayment.
No. They are estimates from the numbers you enter. Fees, insurance, the exact interest convention and the date of your first instalment all shift the outcome, and the sanction letter is the authority.