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EMI Calculator is
the first of its kind in the world when released in March 2007,
as far as Google Search tells !
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LoanEMICalculator is a spreadsheet that can be used to calculate
Equated Monthly Installments (EMI) for given Principal, Interest Rate
and Period values. It calculates the total amount repayable, the total
principal component and the total interest component over the period.
It is a Tenure calculator for the loan according to disbursement
and pre-payment parameters. You get to see the complete Amortization Table
for your loan over the period.
The maximum period supported is 40 years.
For every month, throughout the period, you get to see
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the monthly EMI
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the monthly principal component of EMI
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the monthly interest component of EMI
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the balance principal amount at the end of the month
If any part of principal is prepaid in a month, it is reflected following month
onwards. Additionally, for every year, you can see the total payout in that year including the principal and interest parts.
For loans with variable interest rates, if changed rate is specified in a
particular month, it is reflected for rest of the period, either till the end
of the period, or till the next change is specified.
One can compare loans from different financial institutions to see which works out best.
It is hoped that one can do what-if analysis through the entire period.
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