.calculator-container {
font-family: 'Arial', sans-serif;
border: 1px solid #e0e0e0;
padding: 20px;
border-radius: 8px;
max-width: 500px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-title {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.calculator-inputs {
display: grid;
grid-template-columns: 1fr;
gap: 15px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
font-weight: bold;
color: #555;
}
.input-group input[type="number"] {
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
}
.calculator-inputs button {
background-color: #007bff;
color: white;
padding: 12px 20px;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
margin-top: 10px;
transition: background-color 0.3s ease;
}
.calculator-inputs button:hover {
background-color: #0056b3;
}
.calculator-result {
margin-top: 25px;
padding: 15px;
background-color: #e9ecef;
border-radius: 4px;
text-align: center;
font-size: 18px;
color: #333;
border: 1px solid #dee2e6;
}
.calculator-result strong {
color: #007bff;
}
function calculateEMI() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTenureMonths = parseFloat(document.getElementById("loanTenureMonths").value);
var resultDiv = document.getElementById("result");
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTenureMonths) ||
loanAmount <= 0 || annualInterestRate < 0 || loanTenureMonths <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var monthlyInterestRate = (annualInterestRate / 100) / 12;
var emi = (loanAmount * monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTenureMonths)) /
(Math.pow(1 + monthlyInterestRate, loanTenureMonths) – 1);
if (isNaN(emi)) {
resultDiv.innerHTML = "Calculation error. Please check your inputs.";
return;
}
var totalPayment = emi * loanTenureMonths;
var totalInterest = totalPayment – loanAmount;
resultDiv.innerHTML = "Your EMI:
₹" + emi.toFixed(2) + "" +
"Total Payment:
₹" + totalPayment.toFixed(2) + "" +
"Total Interest Paid:
₹" + totalInterest.toFixed(2) + "";
}
Understanding Your Equated Monthly Installment (EMI)
An Equated Monthly Installment (EMI) is a fixed amount that a borrower pays to a lender on a specified date each month. EMIs are typically used for home loans, car loans, and personal loans. The EMI amount includes both the principal repayment and the interest charged by the lender. Over the tenure of the loan, the proportion of principal and interest changes, with earlier EMIs having a higher interest component and later EMIs having a higher principal component.
How is EMI Calculated?
The formula used to calculate EMI is as follows:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P = Principal Loan Amount
- R = Monthly Interest Rate (Annual Interest Rate / 12 / 100)
- N = Loan Tenure in Months
Our EMI calculator simplifies this process by taking your loan amount, annual interest rate, and loan tenure (in months) as inputs and providing you with your monthly EMI, total interest payable, and the total amount to be repaid.
Factors Affecting Your EMI
- Loan Amount (Principal): A larger loan amount will result in a higher EMI.
- Interest Rate: A higher interest rate will increase your EMI. Even small differences in interest rates can significantly impact your monthly payment and total interest paid over the loan's life.
- Loan Tenure: A longer loan tenure will result in a lower EMI but a higher total interest paid. Conversely, a shorter tenure leads to a higher EMI but less total interest.
Example Calculation
Let's consider a home loan scenario:
- Loan Amount (P): ₹20,00,000
- Annual Interest Rate: 8.5%
- Loan Tenure: 20 years (which is 20 * 12 = 240 months)
Using our calculator with these inputs:
- Monthly Interest Rate (R) = (8.5 / 100) / 12 = 0.00708333
- Loan Tenure (N) = 240 months
The calculated EMI would be approximately ₹17,977.91.
Over the 20-year tenure:
- Total Payment = ₹17,977.91 * 240 = ₹43,14,700.00 (approx.)
- Total Interest Paid = ₹43,14,700.00 – ₹20,00,000 = ₹23,14,700.00 (approx.)
This example illustrates how the EMI calculator helps you understand the financial commitment involved in a loan. Use our calculator to estimate your EMIs for different loan scenarios.