Equated Monthly Installments

About two weeks ago we bought a 40×60 site in Shimoga, right next to my father in law’s plot. The site is in a good location. We hope to construct our house in there in about 10 years time and move there in about 15 years time. One of the top thoughts in my wife’s and my head for the last 1.5 months has been “EMI!!!”. We go out for taking a loan and land up computing what would be the EMI we would be paying on a monthly basis. It is about that time I really figured out the math behind EMI computations. For my benefit and for the benefit of those looking to take loans, here is a calculator that helps you with EMI computations.

Please enter the following three fields marked in *

Principal (*) :
Yearly Rate of Interest (*) :
Number of Months (*) :
EMI :
Click calculate to view EMI
Extra amount paid:

Click calculate to view

One final word of advise: Take a look at the Extra amount paid field before finalizing on your decision to take loan.