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Old 5th July 2008, 22:22   #1
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Default Calculating preclose amount?

For a given loan amount, interest rate, EMI and number of payments already made, is there way any to determine the principal outstanding?


For example, say my EMI is 14200 against a loan of 430000, then what would be the principal outstanding at the end of 1st year?

I know finance companies recover as much interest component as possible from the initial years but is there any standard formula for this or does it depend on the finance company?
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Old 6th July 2008, 20:26   #2
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I'll tell you the simplest way : Call your financing company and ask them to send over your amortization statement. Alternatively, you could use one of several online tools such as this one.
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Old 6th July 2008, 22:39   #3
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Thanks dude. Lot of times calling the finance company might not be an option hence the post at this site. But the site you have suggested works good - thanks again.
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Old 6th July 2008, 23:51   #4
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I had a very interesting incrasing emi deal I was able to get on the ford. First year 6*** next 11 months 7*** and so on , last 2 years 9k now its so complicated I dont even bother about it heh heh. But it was one awesome deal as it let me pay as per my increase in salary and I just dontfeel the pinch
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Old 7th July 2008, 00:35   #5
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Quote:
Originally Posted by AdvaithC View Post
For a given loan amount, interest rate, EMI and number of payments already made, is there way any to determine the principal outstanding?

For example, say my EMI is 14200 against a loan of 430000, then what would be the principal outstanding at the end of 1st year?

I know finance companies recover as much interest component as possible from the initial years but is there any standard formula for this or does it depend on the finance company?
Try these amort calculators shared by members Jat & SLK.

http://www.team-bhp.com/forum/indian...ting-emis.html (Calculating EMIs)

You just need to plug in some numbers like loan amount, interest rate, loan tenure and you'll have your answer.

Quote:
Originally Posted by sammyboy View Post
I had a very interesting incrasing emi deal I was able to get on the ford. First year 6*** next 11 months 7*** and so on , last 2 years 9k now its so complicated I dont even bother about it heh heh. But it was one awesome deal as it let me pay as per my increase in salary and I just dontfeel the pinch
Its called a step-up loan Sammyboy. Ford and some other car companies do offer these innovative loan payment options. Also, such a system is getting popular among home loan seekers as well, especially in this rising interest-rate scenario. BUt it can be a double-edged sword, if your career doesn't move in the right direction that you had anticipated.
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