Monthly Emi Calculator

Principal Amount: Annual Interest Rate (%): Loan Tenure (years): Calculate Monthly EMI:

 

Introduction

Calculating monthly EMIs (Equated Monthly Installments) is crucial when planning loans or mortgages. To simplify this process, we’ll create a user-friendly EMI calculator using HTML and JavaScript. This article will guide you through its usage, the underlying formula, an example, FAQs, and a conclusion.

How to Use

To use the Monthly EMI Calculator, enter the principal amount, interest rate, and loan tenure in the provided fields. Click the “Calculate” button to get the monthly EMI instantly.

Formula

The EMI calculation follows the formula:

EMI=P×(1+r)n−1r×(1+r)n​​

Where:

• $EMI$ is the Equated Monthly Installment,
• $P$ is the principal amount,
• $r$ is the monthly interest rate (annual rate divided by 12 and converted to decimal),
• $n$ is the number of monthly installments (loan tenure multiplied by 12).

Example

Let’s consider a loan amount of $50,000 with an annual interest rate of 5% for 3 years.

P=50000,r=120.05​,n=3×12

Substitute these values into the formula to find the EMI.

FAQs

Q: How accurate is this EMI calculator?

A: The calculator uses the precise formula for EMI calculation, ensuring accuracy in monthly installment predictions.

Q: Can I use this calculator for any type of loan?

A: Yes, this calculator is versatile and can be used for various loans, such as home loans, car loans, or personal loans.

Q: Is the interest rate input in the calculator monthly or annually?

A: The interest rate should be entered annually. The calculator will convert it into a monthly rate internally.

Conclusion

This Monthly EMI Calculator provides a handy tool for anyone planning loans. By understanding the formula and using this calculator, you can make informed financial decisions.