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What is a Home Loan Repayment or Amortization Schedule?

Updated: Apr 05, 2022

What is a Home Loan Repayment?

Home loan repayment is basically the  dispossession of a home loan, by repaying the loan in terms of the principal borrowed as well as interest charges. It is the full reimbursement of the outstanding sum on a home loan through a solitary installment as opposed to paying in Equated Monthly Installments (EMIs).

What is an Amortization Schedule?

An amortization plan or schedule is a table specifying each installment or EMI on a loan. Each EMI repayment for an amortized loan will contain both an interest installment and installment towards the principal, which differs for each interval. An amortization plan shows the sum that will be paid towards each installment, alongside the interest and the excess principal after each interval. Use our home loan EMI calculator to understand the amortization schedule of your loan.

Basic amortization scheme doesn’t represent additional installments, yet this doesn't imply that borrowers can't pay extra towards their credits. Likewise, amortization plans for the most part don't think about charges. By and large, amortization plans just work for fixed-rate mortgages and not flexible rate contracts or the variable rate mortgages.

For instance, A took a loan of INR 50,00,000 on a 15-year tenure at an interest rate of 7.5%. Now we will look at the amortization plan for this example.

Below table depicts all the information that is fed into this plan:

S.NO. Beginning Balance Interest Principal Ending Balance
1 50,00,000.00 3,68,639.36 1,87,568.08 48,12,431.96
2 48,12,431.96 3,54,077.98 2,02,129.46 46,10,302.87
3 46,10,302.54 3,38,386.14 2,17,821.30 43,92,481.27
4 43,92,481.27 3,21,476.13 2,34,731.31 41,57,749.98
5 41,57,749.98 3,03,253.32 2,52,954.12 39,04,795.89
6 39,04,795.89 2,83,615.86 2,72,591.58 36,32,204.31
7 36,32,204.31 2,62,453.86 2,93,753.58 33,38,450.74
8 33,38,450.74 2,39,648.99 3,16,558.45 30,21,892.32
9 30,21,892.32 2,15,073.76 3,41,133.68 26,80,758.64
10 26,80,758.64 1,88,590.65 3,67,616.79 23,13,141.88
11 23,13,141.88 1,60,051.61 3,96,155.83 19,16,986.06
12 19,16,986.06 1,29,296.99 4,26,910.45 14,90,075.64
13 14,90,075.64 96,154.83 4,60,052.61 10,30,023.06
14 10,30,023.06 60,439.76 4,95,767.68 5,34,255.39
15 5,34,255.39 21,952.02 5,34,255.42 0

How to Use the Home Loan Amortization Calculator?

Here are the steps to know your home loan amortization schedule:

On the right hand side, your monthly EMI will be displayed.

Click the “Schedule EMI Payments” button to view your home loan amortization schedule. Please note that this schedule only takes into account principal and interest components. This schedule does not factor in the following:

  • Additional components such as insurance
  • Additional fees and charges such as late payment fees
  • Interest accrued in case of part EMI payments
  • Pre-EMI
  • Any amount paid towards part-payment or prepayment of the loan

How is Amortization Calculated?

An amortization calculator consists of the following:

  • Principal and interest rate in a payment plan.
  • Total principal and interest already paid.
  • Principal the borrower owes on the mortgage specific date. 

Anyone can utilize the mortgage amortization calculator for:

  • Calculating the principal owed by the borrower at a future date.
  • Amount required to pay off the debt at an early date.

Determine the amount of interest already paid.

Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.

SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
CIN number: U65922TN2010PLC076972

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