# Financial Calculators

Check different financial calculators for EMI and Amortization.

##### EMI Calculator
 Calculate EMI (Equated Monthly Installment) for a fixed rate loan spanned across years with annual and monthly amortization tables. Loan Amount  ₹ Loan Term     years Interest Rate %
##### Flat -vs- Reducing Balance Interest Rate
 Check the EMI Calculations for Flat vs Reducing Balance Interest Rate Loan Amount      ₹ Loan Term       years Flat Rate                   % Reducing Balance Rate %
##### Flat Rate EMI Calculator
 Calculate EMI for a flat rate loan with annual and monthly amortization tables Loan Amt ₹ Loan Term    years Flat Rate   %

##### Convert Flat to Reducing Balance Interest Rate
 This tool finds the effective interest rate for a flat rate interest loan. Loan Amount      ₹ Loan Term       years Flat Interest Rate %
##### EMI Moratorium Calculations
 Compare Calculations after EMI Moratorium. Use these calculations to get approximate picture of the impact of EMI Diferment. Loan Amount  ₹ Loan Term     months Interest Rate % Moratorium Period months
##### Compare EMI Calculations
 Compare EMI calculations for 2 interest rates. See how EMI and total interest amount change for different interest rates and the same loan amount and tenure. Useful when bank interest rates are changes for existing loans. Loan Amount  ₹ Loan Term     years Interest Rate 1 % Interest Rate 2 %

 What is EMI ? According to WikiPedia an Equated Monthly Installment (EMI) is defined as "A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full." It further explains that, with most common types of loans, such as real estate mortgages, the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan. EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his or her discretion. In EMI plans, borrowers are usually only allowed one fixed payment amount each month. The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, making the personal budgeting process easier. The formula for EMI (in arrears) is: A : Periodic Payment P : Principal Amount Borrowed r : Periodic Interest Rate n : Total Number of Payments What is Amortization Table ? An amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage), as generated by an amortization calculator. Amortization refers to the process of paying off a debt (often from a loan or mortgage) over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentage of interest versus principal in each payment is determined in an amortization schedule. Read more at WikiPedia. What is Financial Year Amortization Table ? The financial year calculation presents the amortiztion table on a fiscal year basis. Normally Annual Amortiztion Table will show the calculations for a 12 months period from the starting EMI. e.g. You are in India where the financial year is from April 1st to March 31st. You have taken loan for 3 years (36 months). Your first EMI is in the month of June 2015. Your last EMI is in the month of May 2018. Annual Amortiztion Table : The annual amortiztion table will show 3 rows with each having calculations for straight 12 months from June to May. June 2015 - May 2016 June 2016 - May 2017 June 2017 - May 2018 Financial Year Amortization Table : This will have 4 calculations:First calculation will for the ongoing fiscal year : June to March, Then next 2 calculations will be for April to March and last one for the month of May and June. June 2015 - March 2016 April 2016 - March 2017 April 2017 - March 2018 April 2018 - May 2018 There is no difference regarding the amount in both calculations. There is only difference in the way of grouping the EMIs. In many countries these principal and interest components are used for tax calculations for a given fiscal year. This tool will help in identifying each years share of principal and interest in the repayments.