planning to buy your dream home? you may have probably discovered that purchasing a house is more complex than you anticipated, especially if you need to apply for a home loan.

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crunching the numbers is necessary so that you don’t default later. but for an ordinary citizen with only a vague interest in mathematics, arriving at the right numbers can be an uphill battle.

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what is a home loan calculator?

a home loan calculator is a simple mathematical tool that is free to use for everyone. this straightforward calculator tells you the amount of money you’d be repaying each month for a specific loan size and term. 

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by varying the term of the loan in the calculator, you can find out how much you’d be paying over 20, 25 or 30 years and pick a loan size that’s suitable for you.

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what is a home loan emi?

a home loan emi (equated monthly installment) is the amount that a borrower pays every month to the bank against his/her home loan. one can use a home loan emi calculator to calculate the emi amount. the emi amount includes both the principal and interest amounts. 

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how to use a home loan calculator?

using a home loan emi calculator is quite straightforward. all you need to do is enter the loan amount, interest rate, and the loan tenure in years. and, within seconds, you will see the estimated emi value on your screen.