Calculate your Equated Monthly Installment (EMI) for loans.
Enter the total loan amount you wish to borrow.
The yearly interest rate charged on the loan.
The duration for which the loan is taken, in years.
Your EMI Details
Equated Monthly Installment (EMI): —
Total Payable Amount: —
Total Interest Payable: —
Understanding EMI Calculation
Equated Monthly Installment (EMI) is a fixed amount that a borrower pays to the lender on a specified date each month. It comprises both the principal loan amount and the interest charged on it. EMIs are commonly used for home loans, car loans, personal loans, and other forms of credit.
The formula used to calculate EMI is as follows:
EMI = P * r * (1 + r)^n / ((1 + r)^n – 1)
Where:
P = Principal Loan Amount (the total amount borrowed).
r = Monthly Interest Rate. This is calculated by dividing the Annual Interest Rate by 12 and then by 100 (e.g., if the annual rate is 8.5%, the monthly rate r = 8.5 / 12 / 100 = 0.007083).
n = Loan Tenure in Months. This is calculated by multiplying the Loan Tenure in Years by 12.
How the Calculator Works:
Principal Amount (P): Enter the total sum you intend to borrow.
Annual Interest Rate: Input the annual percentage rate of interest applicable to the loan. The calculator converts this to a monthly rate.
Loan Tenure (in years): Specify the duration of the loan repayment period in years. The calculator converts this to months.
Once you input these values, the calculator applies the EMI formula to determine your fixed monthly payment. It also calculates the total amount you will repay over the loan's tenure and the total interest you will have paid.
Why EMI Matters:
Budgeting: Knowing your EMI helps in financial planning and budgeting for monthly expenses.
Loan Comparison: You can use EMI calculators to compare different loan offers from various lenders, considering different interest rates and tenures.
Affordability: It helps you understand how much loan you can afford based on your repayment capacity.
Understanding your EMI is crucial for responsible borrowing. This calculator aims to provide a clear and accurate estimate to aid your financial decisions.
function updateInput(sliderId, inputId) {
var slider = document.getElementById(sliderId);
var input = document.getElementById(inputId);
input.value = slider.value;
}
function updateRange(inputId, sliderId) {
var input = document.getElementById(inputId);
var slider = document.getElementById(sliderId);
var value = parseFloat(input.value);
if (!isNaN(value)) {
slider.value = value;
}
}
function calculateEMI() {
var principal = document.getElementById("principalAmount").value;
var annualRate = document.getElementById("annualInterestRate").value;
var tenureYears = document.getElementById("loanTenure").value;
var principalAmount = parseFloat(principal);
var annualInterestRate = parseFloat(annualRate);
var loanTenureYears = parseFloat(tenureYears);
var emiResultElement = document.getElementById("emiResult");
var totalPayableElement = document.getElementById("totalPayable");
var totalInterestElement = document.getElementById("totalInterest");
// Clear previous results
emiResultElement.textContent = "–";
totalPayableElement.textContent = "–";
totalInterestElement.textContent = "–";
// Validate inputs
if (isNaN(principalAmount) || isNaN(annualInterestRate) || isNaN(loanTenureYears) || principalAmount <= 0 || annualInterestRate < 0 || loanTenureYears 0) {
var numerator = Math.pow(1 + monthlyInterestRate, loanTenureMonths);
emi = principalAmount * monthlyInterestRate * numerator / (numerator – 1);
} else {
// If interest rate is 0, EMI is just principal divided by months
emi = principalAmount / loanTenureMonths;
}
totalPayable = emi * loanTenureMonths;
totalInterest = totalPayable – principalAmount;
// Format results for display
emiResultElement.textContent = "$" + emi.toFixed(2);
totalPayableElement.textContent = "$" + totalPayable.toFixed(2);
totalInterestElement.textContent = "$" + totalInterest.toFixed(2);
}