Calculate Closing Costs for Buyer

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Personal Loan EMI Calculator

Plan your monthly budget with our precise loan installment tool.

Please enter valid numeric values for all fields.
Monthly EMI $0.00
Total Interest $0.00
Total Payment $0.00
function calculateLoanEMI() { var principal = parseFloat(document.getElementById("loanAmount").value); var annualRate = parseFloat(document.getElementById("interestRate").value); var years = parseFloat(document.getElementById("loanTenure").value); var errorDiv = document.getElementById("error-msg"); var resultsDiv = document.getElementById("results-area"); if (isNaN(principal) || isNaN(annualRate) || isNaN(years) || principal <= 0 || annualRate <= 0 || years <= 0) { errorDiv.style.display = "block"; resultsDiv.style.display = "none"; return; } errorDiv.style.display = "none"; var monthlyRate = annualRate / 12 / 100; var months = years * 12; // EMI Formula: [P x R x (1+R)^N]/[(1+R)^N-1] var x = Math.pow(1 + monthlyRate, months); var emi = (principal * x * monthlyRate) / (x – 1); var totalPayable = emi * months; var totalInt = totalPayable – principal; document.getElementById("monthlyEMI").innerText = "$" + emi.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("totalInterest").innerText = "$" + totalInt.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("totalAmount").innerText = "$" + totalPayable.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); resultsDiv.style.display = "block"; }

How to Use the Personal Loan EMI Calculator

Understanding your financial commitments before taking a loan is crucial for healthy credit management. An Equated Monthly Installment (EMI) is the fixed amount you pay to a lender every month until the loan is fully paid off.

The Personal Loan Formula

This calculator uses the standard mathematical formula for EMI calculation:

E = [P x R x (1+R)^N] / [(1+R)^N – 1]
  • P: Principal Loan Amount
  • R: Monthly Interest Rate (Annual Rate / 12 / 100)
  • N: Number of monthly installments (Years x 12)

Example Calculation

Suppose you take a personal loan of $10,000 at an annual interest rate of 10% for a tenure of 2 years (24 months).

  • Monthly Interest Rate: 10 / (12 * 100) = 0.00833
  • Monthly EMI: $461.45
  • Total Interest Paid: $1,074.80
  • Total Repayment: $11,074.80

Factors Affecting Your EMI

  1. Principal Amount: A higher loan amount directly increases the EMI.
  2. Interest Rate: Even a 0.5% difference in interest can save you hundreds of dollars over the life of the loan.
  3. Tenure: Longer tenures reduce the monthly EMI but significantly increase the total interest paid.

Disclaimer: This calculator is for illustrative purposes only. Actual loan terms, processing fees, and taxes may vary based on the financial institution.

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