Loan EMI Calculator
| Feature | Details |
|---|---|
| Price | Free |
| Rendering | Client-Side Rendering |
| Language | JavaScript |
| Paywall | No |
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About This Tool
The Loan Against Property EMI Calculator by TONTUF Tools is a comprehensive financial tool designed to help users estimate their monthly EMI payments for property-backed loans. It features a modern, user-friendly interface with advanced functionalities, making loan calculations easier and more transparent.
Key Features:
- Loan Amount Suggestion Chips – Users can quickly select common loan amounts for faster calculations.
- Flexible Input Options – Allows users to enter interest rates and loan tenure via both sliders and numeric input fields.
- Tenure Selection in Years & Months – Provides an option to set loan tenure in either years or months.
- Advanced Monthly Payment Breakdown – Displays a detailed breakdown of principal and interest paid every month.
- Amortization Schedule – A well-structured, easy-to-read table showing how the loan balance reduces over time.
- Down Payment Input – Users can enter either a fixed amount or a percentage of the property value.
- Additional Cost Considerations – Includes fields for property taxes, insurance, and HOA fees.
- Visual Charts for Better Understanding – Uses interactive charts to display the EMI composition (principal vs. interest).
- Formula Display – Clearly explains how the EMI calculation is performed, increasing transparency.
- Copy & Reset Functionality – Users can copy the results for reference or reset the form for new calculations.
This tool ensures accuracy and provides a clear understanding of loan repayment plans, making it ideal for individuals considering loans against their property. 🚀
How It Works?
The Loan Against Property EMI (LAP) Calculator by TONTUF Tools is an advanced financial tool that helps users determine their Equated Monthly Installments (EMI) for property-backed loans. It provides a detailed breakdown of loan repayment, including principal and interest components, amortization schedules, and additional costs such as taxes and insurance.
How It Works?
1. Enter Loan Details
The user begins by entering key loan details:
- Loan Amount: The total amount borrowed against the property.
- Down Payment: The upfront amount paid (if applicable). Users can enter a fixed amount or a percentage.
- Interest Rate (% per annum): The annual interest rate applied to the loan.
- Loan Tenure: The repayment duration, which can be selected in either years or months.
- Additional Costs (Taxes, Insurance, HOA Fees): These optional fields allow users to factor in recurring costs.
2. EMI Calculation Process
Once the user enters all required details, clicking the "Calculate EMI" button triggers the EMI computation.
Formula Used
The EMI is calculated using the standard formula:
P*r(1+r)^n/([(1+r)^n]-1)
Where:
- P = Loan Amount (after subtracting Down Payment)
- r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n = Total Loan Tenure in Months
To incorporate additional costs (taxes, insurance, HOA fees), the calculator distributes them equally over the loan tenure and adds them to the EMI.
Example:
In order to understand how this works, let us look at an example.
For instance - if you borrow a loan of Rs. 10 lakhs at the interest rate of 6.90% for a tenure of 10 years.
Based on the formula, that is - P*r(1+r)^n/([(1+r)^n]-1)
Your interest amount would be = Rs. 3,87,124
Your total amount payable would be = Rs. 13,87,124
Finally, your EMI = Rs. 11,559
3. Breakdown of EMI Results
A. EMI Display
The calculator highlights the final monthly EMI, allowing users to see how much they need to pay every month.
B. Advanced Monthly Payment Breakdown
A detailed monthly breakdown is displayed, showing how much of each payment goes toward:
- Principal Repayment
- Interest Payment
- Remaining Balance after each payment
C. Amortization Schedule
The amortization table provides a year-by-year or month-by-month breakdown of loan repayment, displaying:
- Month/Year Number
- Principal Paid
- Interest Paid
- Remaining Balance
This helps users understand how their loan will be repaid over time.
D. Visual Chart Representation
A doughnut chart is generated to visually display:
- Total Interest Paid vs. Principal Amount
- Helps users understand the interest burden over the loan tenure
4. Additional Features
A. Suggestion Chips
- Users can quickly choose pre-defined loan amounts for ease of use.
B. Interest Rate & Tenure Sliders
- Sliders allow quick selection of interest rates and loan tenure.
- Alternatively, users can enter values manually.
C. Down Payment Options
- Users can enter either a fixed down payment amount or a percentage of the loan.
D. Copy & Reset Buttons
- Copy Button: Allows users to copy their EMI results for reference.
- Reset Button: Clears all inputs and results for a fresh calculation.
E. Disclaimer
- A disclaimer is included to remind users that actual loan terms may vary based on lender policies.
This tool provides an efficient, user-friendly, and visually enhanced way to estimate loan repayments, making it ideal for users who are planning to take a loan against their property. Its comprehensive breakdown, charts, and additional cost considerations ensure transparency and accuracy in financial planning.
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