Home Loan Repayment Tips with Calculation | Prepayment Calculator in Excel
In this video by FinCalC TV we will see Home Loan Repayment Tips with Calculation in hindi. We will see 5 tips to save home loan interest amount in long term.
Also we will check home loan EMI calculator to know the EMI and total interest amount to be paid.
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CHAPTERS:
00:00 Home Loan Repayment Tips Intro
01:12 #1 Make Home Loan Prepayments
01:58 Prepayment Examples using Excel
08:41 #2 Keep Loan Tenure Low
09:07 FinCalC Blog Home Loan Calculator
13:24 #3 Keep Loan Interest Rate LOW
13:48 #4 Never miss Loan EMI Payments
14:05 #5 Tax Benefits on Home Loan
WHAT IS HOME LOAN EMI CALCULATOR
Home Loan EMI Calculator helps you to calculate home loan EMI (Equated Monthly Installment). This calculation helps you in planning for loan to buy or construct new house so that you get the idea of monthly loan EMI you will be paying.
Loan EMI Calculator also helps you to know the Total Interest you will be paying throughout your loan tenure. The Total Amount you pay to close your loan is Loan Amount + Total Interest
HOME LOAN EMI CALCULATION METHOD
- Home loan EMI can be easily calculated in excel using PMT function
- PMT function takes 3 parameters: Interest Rate, Remaining months and Principal value remaining
- Interest rate provided should be the monthly home loan interest rate divided by 100
- Remaining months is the number of months remaining for which EMIs are yet to be paid
- Principal value is the outstanding principal amount remaining in your loan account
- Remember, your EMI consists of 2 things: Principal Amount and Interest Amount
- Interest Amount is high initially, and decreases with time
- Principal Amount is low initially, and increases with time
COMPONENTS OF LOAN EMI
- Basically there are 2 components of loan EMI – Principal Amount and Interest Amount
- Principal amount is low initially and increases with time
- Interest amount is high initially and decreases with time
- Majority of Interest amount is paid by you during the first half of your loan tenure
- As you move towards your loan closure by paying all EMIs on time, very less interest if left to be made making it difficult to save loan interest using loan prepayment option
- Thus, it is recommended that if you are making loan prepayments to save interest, make the payments during initial half of the loan so that you can save maximum interest on your loan
- Car Loan EMI is also calculated in same way as above
FACTORS AFFECTING LOAN EMI
2 factors affect Loan EMI – Interest Rate and Tenure
- Higher the interest rate, more interest amount you will be paying
- Longer the tenure, more interest amount you will be paying
You should try to take loan with minimum interest rate and tenure to save maximum interest amount
#HomeLoan #Repayment #Calculator #FinCalC
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
