new delhi a home loan calculator helps you in calculating the loan installments ie emis equated monthly installments that you need to pay to the bank till the loan amount is completely paid the emi that you receive after calculation depends upon your home loan amount rate of interest and tenure of the loan it is amongst the best financing planning tools for a person who wishes to purchase a homefeatures of a home loan calculatorcomparative analysis with the help of a home loan calculator you can compare the loan schemes offered by different banks and calculate how much money can be saved by opting for a particular banklook out for options to find out the total mortgage cost the loan applicant can enter different loan amounts tenures and rates of interest in the online calculator to assess various payment optionsrepayment scenarios home loan calculators can be used by an applicant to get the results on the basis of their repayment schedules by entering the details such as monthly payments interest rates and loan tenurecustomized calculation the applicant can get customized results through a home loan calculator by entering the type of interest rate amortization period and loan amounthandy quick tool home loan calculators are very easy and convenient to use as these can make calculations in less time and help an applicant to get an overview of loan options that are available in the market helps in understanding the product better since the home loan calculators are easy to use therefore these help in better understanding of products and services instead of having a rich description in a text format retaining customer satisfaction various banks and financial institutions use home loan calculators on their websites to attract more customers and attain their satisfaction how to use a home loan calculatora home loan calculator is used for calculating the equated monthly installments emi of an applicant by using the data given belowloan amount it should be between rs 50000 and rs 1 croretenure of the loan it is between 1 year and 30 yearsrate of interest it should be between 1 percent and 50 percent it may vary from one bank to anotherformula used to calculate the home loan emi isemi p x r x 1r n 1r n1 where p principal loan amountr rate of interestn number of monthly installmentsin the results you would seethe emi it is the amount that needs to be paid every month until the loan is paid completelythe breakup the rate of interest is displayed in portions in each months emi and the principal amount is repaid each monththe amortization schedule the amortization schedule displays the break up of loan payments that consists of the repaid principal amount and the interest paid out of the emi till the tenure of the loan gets over here are some of the most common questions asked about home loan calculatorwhat is a home loan calculatorit is a financial planning tool that