EMI Calculator
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender on a specified date each month. EMIs are used to pay off both interest and principal every month, so that over a specified number of years, the loan is fully paid off. This calculator helps you determine your monthly EMI, total interest payable, and total amount payable for various types of loans like home loans, car loans, or personal loans.
Understanding EMI Calculation
The formula for calculating EMI is:
EMI = P × R × (1 + R)^N / ((1 + R)^N – 1)
Where:
- P = Principal Loan Amount
- R = Monthly Interest Rate (Annual Interest Rate / 12 / 100)
- N = Loan Tenure in Months (Loan Tenure in Years × 12)
How the EMI Calculator Works
Our EMI calculator simplifies this complex formula for you. You just need to input three key pieces of information:
- Loan Amount: This is the total principal amount you wish to borrow.
- Annual Interest Rate (%): This is the yearly interest rate charged by the lender on the principal amount. The calculator converts this to a monthly rate for the calculation.
- Loan Tenure (Years): This is the total duration in years over which you plan to repay the loan. The calculator converts this to months.
Once you provide these details and click "Calculate EMI", the tool instantly computes your monthly installment, the total interest you will pay over the loan period, and the grand total amount (principal + interest) you will repay.
Benefits of Using an EMI Calculator
- Financial Planning: Helps you understand your monthly financial commitment and plan your budget accordingly.
- Loan Comparison: Allows you to compare different loan offers by adjusting interest rates and tenures to find the most affordable option.
- Tenure Optimization: You can experiment with different loan tenures to see how it impacts your EMI and total interest payable, helping you decide on the optimal repayment period.
- Transparency: Provides a clear breakdown of principal and interest components, giving you a complete picture of your loan repayment.
Example Calculation
Let's say you take a home loan of ₹50,00,000 at an annual interest rate of 8.5% for a tenure of 20 years.
- Principal Loan Amount (P) = ₹50,00,000
- Annual Interest Rate = 8.5%
- Loan Tenure = 20 years
Using the calculator:
- Monthly Interest Rate (R) = 8.5 / 12 / 100 = 0.00708333
- Loan Tenure in Months (N) = 20 * 12 = 240 months
Plugging these values into the EMI formula, you would get:
EMI = 50,00,000 × 0.00708333 × (1 + 0.00708333)^240 / ((1 + 0.00708333)^240 – 1)
This would result in a monthly EMI of approximately ₹43,391. The total amount paid over 20 years would be ₹1,04,13,840, with total interest of ₹54,13,840.
.emi-calculator-container {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: #f9f9f9;
padding: 25px;
border-radius: 10px;
box-shadow: 0 4px 12px rgba(0, 0, 0, 0.1);
max-width: 700px;
margin: 20px auto;
border: 1px solid #e0e0e0;
}
.emi-calculator-container h2 {
color: #333;
text-align: center;
margin-bottom: 25px;
font-size: 28px;
}
.emi-calculator-container h3 {
color: #555;
margin-top: 30px;
margin-bottom: 15px;
font-size: 22px;
}
.emi-calculator-container p {
color: #666;
line-height: 1.6;
margin-bottom: 15px;
}
.emi-calculator-container ul {
list-style-type: disc;
margin-left: 20px;
margin-bottom: 15px;
color: #666;
}
.emi-calculator-container ol {
list-style-type: decimal;
margin-left: 20px;
margin-bottom: 15px;
color: #666;
}
.emi-calculator-container li {
margin-bottom: 8px;
}
.calculator-form .form-group {
margin-bottom: 18px;
}
.calculator-form label {
display: block;
margin-bottom: 8px;
color: #444;
font-weight: bold;
font-size: 15px;
}
.calculator-form input[type="number"] {
width: calc(100% – 22px);
padding: 12px;
border: 1px solid #ccc;
border-radius: 6px;
font-size: 16px;
box-sizing: border-box;
transition: border-color 0.3s ease;
}
.calculator-form input[type="number"]:focus {
border-color: #007bff;
outline: none;
box-shadow: 0 0 5px rgba(0, 123, 255, 0.2);
}
.calculator-form button {
background-color: #007bff;
color: white;
padding: 12px 25px;
border: none;
border-radius: 6px;
cursor: pointer;
font-size: 18px;
display: block;
width: 100%;
margin-top: 25px;
transition: background-color 0.3s ease, transform 0.2s ease;
}
.calculator-form button:hover {
background-color: #0056b3;
transform: translateY(-2px);
}
.calculator-result {
background-color: #e9f7ef;
border: 1px solid #d4edda;
border-radius: 8px;
padding: 20px;
margin-top: 30px;
font-size: 18px;
color: #155724;
line-height: 1.8;
}
.calculator-result p {
margin: 0 0 10px 0;
color: #155724;
}
.calculator-result p:last-child {
margin-bottom: 0;
}
.calculator-result strong {
color: #0a3622;
}
code {
background-color: #eee;
padding: 2px 4px;
border-radius: 4px;
font-family: 'Courier New', Courier, monospace;
color: #c7254e;
}
function calculateEMI() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTenureYears = parseFloat(document.getElementById("loanTenureYears").value);
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTenureYears) || loanAmount <= 0 || annualInterestRate < 0 || loanTenureYears <= 0) {
document.getElementById("result").innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var monthlyInterestRate = annualInterestRate / 12 / 100;
var loanTenureMonths = loanTenureYears * 12;
var emi;
if (monthlyInterestRate === 0) {
emi = loanAmount / loanTenureMonths;
} else {
var factor = Math.pow(1 + monthlyInterestRate, loanTenureMonths);
emi = loanAmount * monthlyInterestRate * factor / (factor – 1);
}
var totalPayment = emi * loanTenureMonths;
var totalInterestPayable = totalPayment – loanAmount;
document.getElementById("result").innerHTML =
"
Monthly EMI: ₹" + emi.toFixed(2) + "" +
"
Total Interest Payable: ₹" + totalInterestPayable.toFixed(2) + "" +
"
Total Payment (Principal + Interest): ₹" + totalPayment.toFixed(2) + "";
}