Home loan calculator based on emi
I have recently purchased home for which I have already paid some ammount and rest we will be doing loan now our first draw of from loan ammount is 1600000 rs and total loan passed is 1.25 cr at interest rate of 8.5% for 15 years our emi is 1.23 lakh so I tried to calculate the interest ammount for this 16 lakh so that I can figure out how much ammount out of 1.23 lakh will go towards interest and how much towards principal ( ps we have just passed that ammount for the safer side we won't be taking that much ) also I will be adding another 1 lakh to principal as prepayment each month can anyone help figure this out thanks in advance
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by majboormajdoor
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Do Not Prepay Home Loans!
Hi all, This is in response to a survey I found on the app, where people voted mostly on reducing Tenure by prepaying their home loans. As someone who works in lending myself, and in the light of the funding winter extending a few more Quarters, I would urge people to shore up their finances and keep control of your liquidity. Be very careful when prepaying Home loans: 1. Loan is a service for which interest is a cost. The deciding numbers to prepay are the differential interest outgo (Loan rate-Debt fund rate) / 12 as a proportion of your monthly expense. It comes to around my monthly 1700 Rs for 10L of outstanding. 2. DO NOT look at the total interest outgo. That is a misleading figure. Prepaying loan to save total interest over 10y is like selling your car 10y earlier to save parking costs or selling your TV to save Netflix charges. 3. Prepaying is irreversible. If you run into cash crunch later, most probably, your financial standing and ability to get loans would decrease. Better to not prepay and enjoy the flexibility. Posting the parent link below.
Is it better to
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