The term "loan tenure" refers to how long you will have to pay back the loan plus interest. As Harsh previously stated, the following formula is used to calculate tenure of home loan:
Tenure= [log(EMI) – log(EMI – (Principal Amount x monthly interest rate/1200))] / log(1 + monthly interest rate/1200)
Below, I have included an additional formula to determine the tenure. To find out how long you have left to pay off your house loan, apply any of the formulas.
How to Calculate Tenure of Loan?
If you know P, R, and EMI each month, then you can use the following formula to compute tenure.
Interest per month= P * R / 12
Tenure= P / (EMI-Interest per month).
You can use this calculation to arrange your funds efficiently and make well-informed decisions for their future. To calculate remaining tenure of home loan, follow the below tips:
Understanding the initial loan amount and interest rate is crucial in determining the remaining tenure. The monthly installment is determined in large part by these two numbers.
You ought to take into account how many months you have previously paid off your house loan. You can find out by multiplying the number of years paid by 12 and adding it to the number of paid months. Deducting this from the total loan tenure will result in the balance tenure.
I hope you got an idea of how to calculate balance tenure of home loan.
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How to calculate remaining tenure for home loan?
To understand how to calculate tenure of home loan, I will share with you a formula my maths teacher taught me. Tenure= (log(e) - log(e - (p * i))) / log(1 + i) I will explain the terms below. E= Monthly EMI P= Remaining Principal I= monthly interest rate/1200 that is 8.9/1200 For example: EMI is Rs. 6351 Principal is 200000 Interest rate is 8.9/1200= 0.0074166 ( if we consider 8.9% is the loan interest) Tenure = (log(6351) - log(6351 - (200000 * 0.0074166))) / log(1 + 0.0074166) After using this formula along with the numbers we will get the answer 35.9976292605. So we can round this up to 36. I hope you understand now how does the process for home loan tenure calculator works. Get home loans at the lowest interest rate of 6% from NoBroker. Check out now! You can also use NoBroker's EMI Calculator to calculate your Home Loan EMIs easily. This EMI calculator will help you make an informed home purchasing decision.[widget_emi_calci]
Read more: How To Calculate Home Loan EMI? What Is Difference Between Floating And Fixed Rate Of Interest?Your Feedback Matters! How was this Answer?
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Authors Of The Question
How to Calculate Tenure of Home Loan?
Amrita
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2 Answers
2 Year
2022-03-22T10:15:12+00:00 2023-11-17T20:07:27+00:00Comment
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