Mortgage Insurance Calculator

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Personal Loan EMI Calculator

Years Months
Monthly EMI: $0.00
Total Interest Payable: $0.00
Total Amount (Principal + Interest): $0.00
function calculateLoanEMI() { var principal = parseFloat(document.getElementById('loanAmount').value); var annualRate = parseFloat(document.getElementById('interestRate').value); var tenure = parseFloat(document.getElementById('loanTenure').value); var tenureType = document.getElementById('tenureType').value; if (isNaN(principal) || isNaN(annualRate) || isNaN(tenure) || principal <= 0) { alert("Please enter valid positive numbers for all fields."); return; } var n = (tenureType === 'years') ? tenure * 12 : tenure; var r = (annualRate / 12) / 100; var emi = (principal * r * Math.pow(1 + r, n)) / (Math.pow(1 + r, n) – 1); var totalAmt = emi * n; var totalInt = totalAmt – principal; document.getElementById('monthlyEMI').innerText = '$' + emi.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalInterest').innerText = '$' + totalInt.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalPayment').innerText = '$' + totalAmt.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('emi-results').style.display = 'block'; }

Understanding Your Personal Loan EMI

A Personal Loan EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.

The Formula for EMI Calculation

This calculator uses the standard mathematical formula to ensure accuracy:

EMI = [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

Example Calculation

If you borrow $10,000 at an annual interest rate of 10% for a tenure of 2 years (24 months):

  • Monthly Interest Rate (R) = 10 / 12 / 100 = 0.00833
  • Number of Months (N) = 24
  • Calculated Monthly EMI = $461.45
  • Total Interest Paid = $1,074.80
  • Total Repayment = $11,074.80

Why Use This Personal Loan Calculator?

Planning your finances is crucial before taking on debt. By using this tool, you can:

  1. Assess Affordability: Determine if the monthly installment fits within your monthly budget.
  2. Compare Offers: Easily compare different interest rates and tenures from various banks.
  3. Optimize Tenure: See how choosing a shorter tenure reduces your total interest burden, or how a longer tenure reduces your monthly commitment.

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