.calculator-wrapper {
font-family: 'Arial', sans-serif;
border: 1px solid #ddd;
padding: 20px;
border-radius: 8px;
max-width: 500px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-title {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.form-group {
margin-bottom: 15px;
}
.form-group label {
display: block;
margin-bottom: 5px;
color: #555;
font-weight: bold;
}
.form-group input[type="number"] {
width: calc(100% – 12px);
padding: 8px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box; /* Important for padding and border */
}
.calculator-form button {
background-color: #007bff;
color: white;
padding: 10px 15px;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
width: 100%;
transition: background-color 0.3s ease;
}
.calculator-form button:hover {
background-color: #0056b3;
}
#result {
margin-top: 20px;
padding: 15px;
background-color: #e9ecef;
border: 1px solid #ced4da;
border-radius: 4px;
text-align: center;
font-size: 18px;
color: #333;
min-height: 50px; /* To prevent layout shifts */
}
#result span {
font-weight: bold;
color: #28a745;
}
function calculateEMI() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("annualInterestRate").value);
var tenure = parseInt(document.getElementById("loanTenure").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(principal) || isNaN(annualRate) || isNaN(tenure) || principal <= 0 || annualRate <= 0 || tenure <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var monthlyRate = (annualRate / 12) / 100;
var numberOfMonths = tenure;
// EMI Formula: P * r * (1+r)^n / ((1+r)^n – 1)
var numerator = principal * monthlyRate * Math.pow(1 + monthlyRate, numberOfMonths);
var denominator = Math.pow(1 + monthlyRate, numberOfMonths) – 1;
var emi = numerator / denominator;
// Round to 2 decimal places
emi = Math.round(emi * 100) / 100;
var totalInterest = (emi * numberOfMonths) – principal;
totalInterest = Math.round(totalInterest * 100) / 100;
var totalPayment = emi * numberOfMonths;
totalPayment = Math.round(totalPayment * 100) / 100;
resultDiv.innerHTML = "Your EMI:
₹" + emi.toLocaleString() + "" +
"Total Interest Payable:
₹" + totalInterest.toLocaleString() + "" +
"Total Payment (Principal + Interest):
₹" + totalPayment.toLocaleString() + "";
}
Understanding Equated Monthly Installments (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, personal loans, and other types of amortizing loans. The EMI payment includes both the principal amount borrowed and the interest charged by the lender.
How is EMI Calculated?
The EMI calculation is based on a standard formula that takes into account the principal loan amount, the annual interest rate, and the loan tenure (the duration for which the loan is taken). The formula ensures that the loan is fully repaid with interest by the end of the tenure.
The formula for calculating EMI is:
EMI = P × r × (1 + r)n / ((1 + r)n – 1)
Where:
- P is the Principal loan amount
- r is the monthly interest rate (annual interest rate divided by 12 and then by 100)
- n is the loan tenure in months
Our EMI calculator simplifies this process. You just need to input the total loan amount, the annual interest rate offered by the lender, and the number of months you plan to repay the loan. The calculator will then instantly provide you with your EMI amount, the total interest you will pay over the life of the loan, and the total amount you will repay (principal plus interest).
Factors Affecting Your EMI
- Principal Loan Amount (P): A higher principal amount will result in a higher EMI.
- Interest Rate (r): A higher interest rate means more interest is charged, leading to a higher EMI.
- Loan Tenure (n): A longer loan tenure generally leads to a lower EMI, but you end up paying more interest overall. Conversely, a shorter tenure means a higher EMI but less total interest paid.
Example Calculation
Let's consider an example. Suppose you are taking a home loan of ₹5,00,000 at an annual interest rate of 8.5% for a tenure of 10 years (120 months).
- Principal (P) = ₹5,00,000
- Annual Interest Rate = 8.5%
- Monthly Interest Rate (r) = (8.5 / 12) / 100 = 0.0070833
- Loan Tenure (n) = 120 months
Using the EMI formula, the calculated EMI would be approximately ₹6,292. Over 120 months, the total repayment would be ₹7,55,040 (₹6,292 x 120), meaning the total interest paid would be ₹2,55,040 (₹7,55,040 – ₹5,00,000).
Use the calculator above to easily determine your EMIs for different loan scenarios!