I’ve been working on improving a few Excel-based calculators that I have previously published. Specifically, I have improved the following calculators:

• The enhanced Public Provident Fund investment calculator now provides monthly calculations for a period up to twenty-five years. [Link to the original article.]
• The enhanced Car Loan EMI calculator now supports both Advance EMI and Arrears EMI type of car loans. [Instructions for usage.]

Let me know how I can further improve these calculators. What other calculators do you wish to see? I’ve received many requests for a Home Loan EMI calculator; I will shortly publish one. You can also download a Personal Loan EMI calculator [instructions for usage].

Further reading:

1. Tip Tuesdays: When’s a Good Time to Pre-close a Personal Loan?

1. Download my Car Loan EMI Calculator Excel workbook.
2. This workbook has six sheets, one each for a loan duration ranging from one year to six years.
3. Select the sheet corresponding to the loan duration you’re thinking of. For example: select the sheet labeled “4 Years” if you’re looking for a car loan that you want to repay in 4 years’ time.
4. You will now find three cells highlighted in yellow — one for the loan amount, one for the interest rate, and one for the type of EMI payment. You need to provide your inputs in these three cells. Note that changing the data in one sheet will not affect the other sheets.
5. The workbook automatically computes your Car Loan Amortization Schedule.
6. You can now Save/Print this sheet for your reference.

Let me know if you’re facing any difficulty. Drop a comment if you find this calculator useful.

1. Download my Personal Loan EMI Calculator Excel workbook.
2. This workbook has six sheets, one each for a loan duration ranging from one year to six years.
3. Select the sheet corresponding to the loan duration you’re thinking of. For example: select the sheet labeled “3 Years” if you’re looking for a personal loan that you want to repay in 3 years’ time.
4. You will now find two cells highlighted in yellow — one for the loan amount and the other for the interest rate. You need to provide your inputs in these two cells. Note that changing the data in one sheet will not affect the other sheets.
5. The workbook automatically computes your Personal Loan Amortization Schedule.
6. You can now Save/Print this sheet for your reference.

Let me know if you’re facing any difficulty. Drop a comment if you find this calculator useful.

Further reading:

1. Tip Tuesdays: When’s a Good Time to Pre-close a Personal Loan?

What is the EMI I have to pay on a 20-year Rs. 20 lac housing loan at 9.5%? By how much does the EMI change if I opt for a 14-year housing loan at 9%? What is the toal interest amount I end up paying over the term of the loan? How is the EMI I pay split between the prinicpal and interest repayments?

If these are questions that have played tricks on your mind, the Indian Home Loan EMI Calculator is for you. It’s an Excel workbook I designed to test my understanding of finance (and Excel). The model works well and validates the figures given in popular finance magazines such as Outlook Money and Money Today.

Download the Indian Home Loan EMI Calculator.

Using this EMI calculator is quite simple. You will find 6-worksheets inside the workbook: one each for a loan term of 10, 12, 14, 16, 18, and 20 years. First select the appropriate worksheet. For example, for a 16-year loan tenure you should select the worksheet titled “16 Years.” On the top-left corner is a section titled Loan Parameters. You will have to key-in two figures:

1. Principal (or Loan Amount) – The amount of loan you wish to apply for
2. Rate of Interest – The interest figure quoted by the bank

Once you have entered these two values, you will instantly see the loan repayment schedule (with principal and interest components) alongwith summary figures such as Total Interest paid and Total Amount Paid Back.

At a beginner level, leave the other two parameters viz. Repayment Time and Compounding Factor at the default setting. By default, the workbook has repayment schedules worked out for a loan amount of Rs. 20 lac at 9% interest.

Let me know if you have any difficulties in using this workbook. Suggestions for improvements are most welcome.