Home Loan Comparison Calculator
Choosing the right home loan can save you thousands in interest and fees. Compare up to three home loan options with Loanpao’s advanced calculator to find the most cost-effective deal for your home purchase.
Compare Home Loans
What Is Home Loan Comparison?
Home loan comparison involves evaluating multiple loan offers based on loan amount, interest rate, tenure, and repayment terms to identify the most cost-effective option for purchasing your dream home.
How To Use Home Loan Comparison Calculator
To use the home loan comparison calculator, follow these steps:
- Enter the loan amount, interest rate, and tenure for up to three home loans.
- Click "Compare Loans" to view EMI, total interest, and total repayment for each loan.
- Review the results table and chart to choose the best loan option.
How Is Home Loan Comparison Calculated?
The comparison is based on the EMI formula: EMI = P × r × (1+r)^n / [(1+r)^n - 1], where:
- P = Loan amount
- r = Monthly interest rate (annual rate / 12 / 100)
- n = Loan tenure in months
For example, for a ₹50,00,000 loan at 8% interest for 20 years:
- Monthly rate = 8% / 12 / 100 = 0.006667
- Months = 20 * 12 = 240
- EMI = 50,00,000 × 0.006667 × (1+0.006667)^240 / [(1+0.006667)^240 - 1] ≈ ₹41,822
- Total Repayment = 41,822 × 240 ≈ ₹1,00,37,280
- Total Interest = 1,00,37,280 - 50,00,000 = ₹50,37,280
The calculator compares these metrics across multiple loans.
Home Loan Comparison Criteria
| Criteria | Details |
|---|---|
| Interest Rate | Lower rates reduce EMIs and total interest paid. |
| Loan Tenure | Longer tenures lower EMIs but increase total interest. |
| Loan Amount | Higher amounts increase EMIs and total repayment. |
| Processing Fees | Lower fees reduce the overall cost of the loan. |
Frequently Asked Questions
Comparing home loans helps you find the most affordable option, saving on interest and fees over the loan term.
Key factors include interest rates, loan tenure, loan amount, and additional charges like processing fees.
Yes, this calculator allows comparison of loans with varying tenures to assess their impact on EMIs and total repayment.