A mortgage loan calculator is a specialised online tool that allows for the easy computation of monthly instalments for loans against property. It’s always best to check your liabilities before applying for loan against property, which is where this tool comes of use. It helps you compute the monthly instalment by considering three factors, namely:
Upon entering the information in these three fields, a mortgage loan EMI calculator displays the monthly instalment amount, the total interest outgo, and the total cost of the loan. Some advanced calculators also reveal the entire amortisation schedule.
Why is utilising a mortgage loan interest rate calculator important? It’s accurate and far easier than making such complex calculations manually.
A LAP EMI calculator is a type of calculator that helps you calculate your monthly instalments for the repayment of your Loan Against Property.
EMI, or equated monthly instalment, is the total amount payable every month until the loan has been fully repaid. Every EMI consists of a principal component and an interest component. You can calculate your EMI in advance by using the Bajaj Finserv mortgage loan EMI calculator.
LAP EMI calculator needs three key inputs to work, namely loan amount, tenor, and Loan Against Property interest rates.
It then applies the below formula to compute your EMI.