Home Loan Calculator  

Where,
Monthly = (monthly income + other income – monthly expenditure) *28/100
I = Interest
Example:
Calculate the Home Loan Interest rate for the given details.
Monthly Income = Rs. 5000
Other Income = Rs. 2000
Monthly Expenditure = Rs. 500
Term Loan = 1 years
Annual Interest Rate on loan (0 30%) = 5%
Solution:
Apply Formula:
House Value = monthly *((1+I /(100*12)^{years*12} 1)/ (I/100*12)*(( I/100*12))+1)^{ years*12})
Monthly = (monthly income + other income – monthly expenditure) *28/100
Monthly = (5000+2000500)*28/100
Monthly = 6500 *0.28
Monthly = 1820
House Value = 1820 *((1+0.5/ (1200)^{12} 1) / (0.1 / 1200)) +1)^{ 12}
House Value = Rs. 21259.82
Total Interest = Rs. 580.18
Monthly Payment = Rs. 1820