Cost of Living Calculator

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Personal Loan EMI Calculator

Plan your monthly budget with precision

Years Months
Monthly EMI $0.00
Total Interest $0.00
Total Payment $0.00

How to Use the Personal Loan EMI Calculator

Taking out a personal loan is a significant financial commitment. Understanding your Equated Monthly Installment (EMI) helps you manage your monthly cash flow and avoid debt traps. Our calculator provides an instant breakdown of your repayment schedule.

Understanding the Formula

The calculation is based on the standard reducing balance method formula:

E = P × r × (1 + r)ⁿ / ((1 + r)ⁿ – 1)
  • E: Monthly Installment
  • P: Principal Loan Amount
  • r: Monthly Interest Rate (Annual Rate / 12 / 100)
  • n: Loan Tenure in Months

Why Accurate EMI Calculation Matters

1. Budget Planning: Knowing the exact amount helps you set aside funds every month.
2. Loan Comparison: Easily compare offers from different banks by adjusting interest rates and tenures.
3. Prepayment Strategy: Visualize how reducing the principal or tenure changes your interest burden.

A Practical Example

If you borrow $10,000 at an annual interest rate of 10% for 3 years:

  • The monthly rate (r) is 0.833% (10/12/100).
  • The tenure (n) is 36 months.
  • Your Monthly EMI would be approximately $322.67.
  • Total Interest paid over the term: $1,616.12.
function calculatePersonalLoanEMI() { var principal = parseFloat(document.getElementById('p_loanAmount').value); var annualRate = parseFloat(document.getElementById('p_interestRate').value); var tenure = parseFloat(document.getElementById('p_tenure').value); var tenureType = document.getElementById('p_tenureType').value; var resultBox = document.getElementById('emi_result_box'); if (isNaN(principal) || principal <= 0 || isNaN(annualRate) || annualRate < 0 || isNaN(tenure) || tenure <= 0) { alert("Please enter valid positive numbers for all fields."); return; } // Convert tenure to months var months = (tenureType === 'years') ? tenure * 12 : tenure; // Calculate monthly interest rate var monthlyRate = annualRate / 12 / 100; var emi = 0; if (monthlyRate === 0) { emi = principal / months; } else { // EMI Formula: P * r * (1+r)^n / ((1+r)^n – 1) emi = (principal * monthlyRate * Math.pow(1 + monthlyRate, months)) / (Math.pow(1 + monthlyRate, months) – 1); } var totalPayment = emi * months; var totalInterest = totalPayment – principal; // Display Results document.getElementById('res_emi').innerHTML = "$" + emi.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('res_interest').innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('res_total').innerHTML = "$" + totalPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); resultBox.style.display = "block"; resultBox.style.backgroundColor = "#e8f6ef"; resultBox.style.border = "1px solid #27ae60"; }

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