I often get this question from friends and relatives. How to calculate EMI? When you apply for loan, they will just tell you the EMI, but does not tell you how they are calculated unless you ask them specifically to show how they calculated it. EMI table is also called as amortization table, which shows the balance at each installment.
EMI or equated monthly installments is the most popular form of loan payment. It is a fixed amount of repayment made every month towards the loan, which includes payment towards both principal and interest.
It is easy to prepare an EMI table in Excel sheet.
That’s all! We made our own EMI calculator in Excel. This Excel EMI calculator is created for a tenure of 20 years. If you are just calculating for 5 years, i.e., 60 months, 61st month shows values red colored and in minus range. So you need to take up to “0” in the balance column. Ignore the values in RED. If you want to calculate for more years, then just select the last row and drag it to extend it.
Download the Excel EMI Calculator.
Thanks
Abhay
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