Visual EMI Calculator
Loan
Home
Car
Business
Gold
Education
Property
Commercial Vehicle
Personal
Two-Wheeler
Home Loan EMI Calculator by Interest First
EMI
Interest First
Reducing Balance
Deferred Payment
Balloon Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
Interest Period
Year
Month
Copy
Share
EMI
10489
Interest
852215
Principal
1000000
Total
1852215
852 K
(8 Lac)
15
Year
1,000,000
568 K
(5 Lac)
Year
Original
Reduced
𝒊
10489
will be
EMI
for
1000000
(1 m/10 Lac)
Loan Amount
for
15
Year
Loan Tenure
at
9.00%
Rate of Interest
.
How to Reduce Interest/ Tenure?
Pay
0
1
2
3
4
5
Extra EMI every year.
𝒊
Increase EMI by
0
2
3
5
7
10
15
20
% every year.
𝒊
Pay Lump-Sum
0
(10 K)
(20 K)
(30 K)
(40 K)
(50 K)
(60 K)
(70 K)
(80 K)
(90 K)
(100 K)
in
0
2
3
4
5
6
7
year.
𝒊
Recalculate
Share
Loan
Tenure
Interest
Original
15 year
852215
Reduced
9 year
9 months
568711
Saved
5 year
3 months
283504
Loan Payment Schedule
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Original
Reduced
Balloon Payment
201 K
(2 Lac)
150 K
(1 Lac)
100 K
(1 Lac)
50 K
0
-
-
-
-
-
2024
2031
2038
You are here
-
Home
»
Home Loan
»
Interest First
Percentage calculator
Fraction calculator
LCM HCF Calculator
Average Calculator
Trigonometry Calculator
Home Loan EMI by Interest First
An Home Loan EMI by Interest First is a type of loan where your initial payments cover only the interest, leaving the principal amount unchanged. During this period, your EMIs are lower since you’re only paying interest.After the interest-only period ends, your EMIs will include both principal and interest, resulting in higher payments.This option is ideal for those who want lower EMIs at the beginning of their loan repayment. Use our Home Loan EMI Calculator by Interest First to plan your loan repayments and stay on top of your finances. Find accurate breakdowns of your payments, interest, and principal to plan your home loan better.
Calculate Home Loan EMI by Interest First
Enter loan details including loan amount, interest rate, tenure, choose months or years, and balloon payment amount for your home loan EMI by interest first to calculate home loan EMI.
Click Calculate to view your initial home loan EMI breakdown and calculate home loan EMI based on the inputs.
Customize payment options with three inputs to explore and calculate your home loan EMI by interest first options.
Add the number of extra EMIs per year to reduce and calculate your home loan EMI.
Increase EMIs by a percentage to manage and calculate your home loan EMI by interest first effectively.
Enter lump sum payment in a specific year to lower or calculate your home loan EMI, or reduce the tenure of your home loan EMI by interest first.
Adjust inputs as needed and click Recalculate to update and calculate your home loan EMI, tenure, and interest dynamically.
Interest First EMI formula
To calculate Home Loan EMI, use the Interest First EMI formula for precise results. This calculation helps you understand your repayment obligations clearly.
I
O
E
M
I
=
P
×
r
12
E
M
I
=
P
×
r
(
1
+
r
)
n
(
1
+
r
)
n
−
1
EMI
= Equated Monthly Installments
P
= loan amount.
IOEMI
= Interest only period EMI.
r
= monthly interest rate.
n
= total number of monthly installments.
Eligibility Criteria for Home Loan EMI by Interest First
Stable Income:
Applicants should have a stable and verifiable source of income, either through salaried employment or self-employment, to demonstrate their ability to repay the home loan EMI by interest first.
Creditworthiness:
A good credit score is essential to qualify for a home loan EMI by interest first, reflecting a history of responsible credit behavior and repayment.
Employment Stability:
Lenders typically require applicants to have a consistent employment history, ensuring a reliable income stream to support home loan EMI repayments.
Property Compliance:
The property being financed through the home loan EMI must meet the lender's criteria, including clear title deeds, acceptable valuation, and compliance with local regulations.
Home Loan EMI Calculator by Interest First FAQ
How does Interest First EMI differ from a regular EMI?
In a regular EMI, both principal and interest are paid together from the start of the loan tenure, resulting in fixed payments that include both components. In an interest first EMI, you pay only the interest during an initial period, and principal repayment starts only after this interest-only phase ends. This structure initially reduces monthly payments but results in higher payments once the principal repayment phase begins.
What are the benefits of choosing an Home Loan EMI by Interest First?
An home loan EMI by interest first offers lower initial EMIs, improving cash flow management during the early years. It’s particularly advantageous for those expecting higher future income or managing other financial commitments, as it provides lower initial payments. Additionally, the saved funds can be invested elsewhere, maximizing financial opportunities.
What are the drawbacks of choosing an Home Loan EMI by Interest First?
An home loan EMI by interest first may result in higher total interest costs because the principal remains unchanged initially. Additionally, if property values decline or financial situations worsen, selling or refinancing the property can be challenging during the principal repayment phase.
×
How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
15 year
852215
1 Extra EMI/ year
14 year
▶ 1 year
739943
▶ 112272
2 Extra EMI/ year
12 year
▶ 3 year
659356
▶ 192859
3 Extra EMI/ year
11 year
▶ 4 year
598337
▶ 253878
How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
15 year
852215
Increase EMI by 1%
14 year
▶ 1 year
796089
▶ 56126
Increase EMI by 3%
13 year
▶ 2 year
716578
▶ 135637
Increase EMI by 5%
11 year
▶ 4 year
661385
▶ 190830
How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
15 year
852215
Pay 10% in 2nd year
13 year
▶ 2 year
662330
▶ 189885
Pay 20% in 3rd year
12 year
▶ 3 year
560552
▶ 291663
Pay 30% in 4th year
10 year
▶ 5 year
514395
▶ 337820
How to Reduce Interest/ Tenure?
Making early payments towards Principal amount can reduce your Interest and/ or Tenure.
1. How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
2. How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
3. How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
Let Others Know
✖
Facebook
Twitter
Reddit
LinkedIn
Email
WhatsApp
Copied!