rajanpras Started The Discussion:
I have developed a Microsoft Excel based Home Loan Calculator (Amortization Schedule) and is available for download at Prasanth's Website | . The reason why I am not attaching is that this could be revised based on inputs and / or feedback from Users.
This not only calcultes the EMI applicable, but also gives the split of interest and Principal components of each EMI. In addition, this also takes care of Principal pre-payments made and also interest rate changes done for floating rates.
Do mail or reply to this thread with suggestions and / or issues if any.
On suggestion from a CA in another forum, I have added the feature of chosing the Fy such that the Principle and Interest for that FY is displayed. This version 1.1 is now available at the same URL - Prasanth's Website | .
There is the option for repayment of Principle - this ise last column in cream color.
Regarding the second item, generally the Banks fix the EMI and with increase or decrease in rates or on repayment of Principle, the EMI remains fixed and tenure changes. But yes, if the tenure goes to more than 35 years for a 20 year loan with increase in interest rate, banks might decide to hike the EMI. Let me look at this option. Will keep you posted.
Please note that there is a minor correction in Principal computation when there is repayment. This is now corrected and version 1.2 and the same is now available for download at the same URL - Prasanth's Website |.
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