How To Get The Right Calculations For Emi Personal Loan Calculator
I want to get the right formula for the monthly payment and total interest and total payment for EMI calculator specifically on Singapore calculations.
I’m referencing these 2 sites:
I tried to calculate these:
Loan Amount: 15000Term Monthly: 12Interest: 4%=============================Calculations I get:Monthly Payment: $ 1277.25Total Interest: $ 326.98Total Payment: $ 15326.98
The calculations is basically incorrect. It should be:
Monthly Installment: $1,598.28Total Interest: $4,179.36Total Payment: $19,179.36
Can someone help me how to get the right calculations for this, same as these 2 sites I’m referencing with?
Here’s my code:
function calculation
.formgroup strong,p,label,input .calculations
Calculate Capital Payment For Specific Month Or Year In Excel
We can also calculate the capital payment for a specific month or year using the PPMT function of Excel.
Introduction to PPMT Function
Calculates the capital payment for a given period like a specific month or year.
Syntax:
=PPMT
Argument Explanation:
The total number of payment periods in an annuity.  
Pv  Required  The present value, or the total amount that a series of future payments is worth now. Also known as the principal. 
Fv  Optional  The future value or a cash balance you want to attain after the last payment is made. If we do not insert a value for fv, it will be assumed as 0 . 
Type  Optional  The number 0 or 1. It indicates the time when the payments are due. If the type is omitted, it is assumed to be 0. 
Return Parameter:
The payment on the principal for a given period for an investment is based on periodic, constant payments and a constant interest rate.
Step 1:
Formula Breakdown:
 C4 = Rate = Annual Interest Rate = 4%
As we are calculating interest payment for a month, we have divided it by the number of months in a year, 12.
 1 = Pr = The period for which you want to find the interest = 1
We are calculating the interest amount for the first month. Hence Pr = 1
 C7 = Nper = Total number of payments = 60
 C8 = Pv = Total loan amount or Principal = $5,000
Step 2:
 Upon clicking ENTER, we will get the capital amount to pay in the first month.
Step 3:
=PPMT
 Interest payment for the first month = $16.67
Capital payment for the first month = $75.42
Return Parameter:
Step 1:
Find Out Interest Payment On A Loan For Specific Month Or Year
Although monthly or yearly repayment amounts over the loan term will be the same, the proportion of interest and capital you repay each period varies over the term. At the start of the loan you pay mostly interest and a little capital, but by the end of the term, you pay a little interest and mostly capital.
For each period of the loan, you can calculate the interest amount by using the IPMT function.
Introduction to IPMT Function
Calculates the interest payment for a given period like a specific month or year.
Syntax:
=IPMT
Argument Explanation:
The total number of payment periods in an annuity.  
Pv  Required  The present value, or the total amount that a series of future payments is worth now. Also known as the principal. 
Fv  Optional  The future value or a cash balance you want to attain after the last payment is made. If we do not insert a value for fv, it will be assumed as 0 . 
Type  Optional  The number 0 or 1. It indicates the time when the payments are due. If the type is omitted, it is assumed to be 0. 
Return Parameter:
Interest payment for a given period for an investment based on periodic, constant payments and a constant interest rate.
Step 1:
 Our first step is to select a cell and write down the formula of IPMT. We will select cell C10 and write down the following formula.
=IPMTFormula Breakdown:
 C4 = Rate = Annual Interest Rate = 4%
As we are calculating interest payment for a month, we have divided it by the number of months in a year, 12.
Step 2:
Step 3:
=IPMT
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How To Use Emi Calculator
With colourful charts and instant results, our EMI Calculator is easy to use, intuitive to understand and is quick to perform. You can calculate EMI for home loan, car loan, personal loan, education loan or any other fully amortizing loan using this calculator.
Enter the following information in the EMI Calculator:
 Principal loan amount you wish to avail
 Rate of interest
 EMI in arrears OR EMI in advance
Use the slider to adjust the values in the EMI calculator form. If you need to enter more precise values, you can type the values directly in the relevant boxes provided above. As soon as the values are changed using the slider , EMI calculator will recalculate your monthly payment amount.
A pie chart depicting the breakup of total payment is also displayed. It displays the percentage of total interest versus principal amount in the sum total of all payments made against the loan. The payment schedule table showing payments made every month / year for the entire loan duration is displayed along with a chart showing interest and principal components paid each year. A portion of each payment is for the interest while the remaining amount is applied towards the principal balance. During initial loan period, a large portion of each payment is devoted to interest. With passage of time, larger portions pay down the principal. The payment schedule also shows the intermediate outstanding balance for each year which will be carried over to the next year.
How To Use Our Loan Interest Calculator
There are three main components when determining your total loan interest:
Total Loan Amount. This is the total amount you are borrowing. This does not include any down payment you are making.
Loan Term . This is the total length of the loan. Our calculator uses years to calculate the total interest accrued over this timeline.
Interest Rate. This is the rate charged on the loan. This should be a fixed interest rate.
To use the calculator, you will input these numbers into each section, select CALCULATE, and it will show your estimated monthly payment, as well as the total interest paid over the life of the loan.

Note: This calculator is designed for fixedrate, simple interest loans only.
Read Also: Savings Accounts With Best Interest Rates
What Are Personal Loans
Personal loans are loans with fixed amounts, interest rates, and monthly payback amounts over defined periods of time. Typical personal loans range from $5,000 to $35,000 with terms of 3 or 5 years in the U.S. They are not backed by collateral as is typical for secured loans. Instead, lenders use the credit score, income, debt level, and many other factors to determine whether to grant the personal loan and at what interest rate. Due to their unsecured nature, personal loans are usually packaged at relatively higher interest rates to reflect the higher risk the lender takes on.
Secured Personal Loans
Although uncommon, secured personal loans do exist. They are usually offered at banks and credit unions backed by a car, personal savings, or certificates of deposits as collateral. Like all other secured loans such as mortgages and auto loans, borrowers risk losing the collateral if timely repayments are not made. Generally, the maximum loan limit is based on the collateral the borrower is willing to put up. Most online lenders only offer unsecured personal loans. While the Personal Loan Calculator is mainly intended for unsecured personal loans, it can be used for secured personal loans as long as the inputs correctly reflect the loan conditions.
Traditional Personal Loans
Personal Loans from P2P Lenders
How To Use The Auto Loan Payment Calculator
Heres a guide for the information you will need to input into the auto loan payment calculator.
Car price: In this field, put in the price you think youll pay for the car. To estimate new car prices, you can start with the vehicles sticker price . Subtract any savings from dealer negotiations or manufacturer rebates. Then add the cost of options and the destination fee charged on new cars.
For used cars, estimating the sale price is a bit trickier. You can start with the sellers asking price, but you may be able to negotiate it lower. To get an idea of a fair price, use online pricing guides or check local online classified ads for comparable cars.
Interest rate: There are several ways you can determine the interest rate to enter. At the top of the calculator, you can select your credit score on the drop down to see average car loan rates. You can also check online lenders for rates. If you get prequalified or preapproved for a loan, simply enter the rate you are offered.
Tradein and down payment: Enter the total amount of cash youre putting toward the new car, or the tradein value of your existing vehicle, if any. You can use online sites for appraisals and pricing help. When using a pricing guide, make sure you check the tradein value and not the retail cost . You can also get cash purchase offers from your local CarMax, or online from services such as Vroom or Carvana, as a baseline.
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Other Loan Costs To Consider
In addition to paying principal and interest on your loan, you may have to pay other costs or fees. For example, a mortgage payment might include costs such as property taxes, mortgage insurance, homeowners insurance, and homeowners association fees.
The amortization calculator doesnt consider these added costs, so its estimate of your payments may be lower than the amount youll actually owe each month. To get a clearer picture of your loan payments, youll need to take those costs into account.
How To Use Our Personal Loan Calculator
We built our calculator to help make the decision to apply for a loan much easier. Whether you need a loan for debt consolidation, medical expenses, home improvement projects, a move, or even a wedding, here are some questions it can help you answer: – What is the maximum loan amount I can afford? – How do I compare my existing loan to others? – How can I pay off my loan early? – If I increase my monthly payments how much money will I save in interest? – How much interest will I pay on my loan?
Won’t affect your credit score¹
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Defining Car Loan Terms
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Factors That Affect Your Loan Amount And Tenure
Lets face it. Purchasing a home can be satisfying as it gives you a sense of ownership and pride. But the monthly payments you need to make for years can drain your finances.
For this reason, its crucial to think hard about the loan amount and tenure that you should take. There are several key factors to consider before finalising your loan tenure. These include:
Why Use Personal Loans
About half of all personal loans are used for debt consolidation. The interest rates of personal loans are normally lower than credit cards, making personal loans a great vehicle through which a person could consolidate credit card debt or other debts sitting at higher interest rates. When deciding to take a personal loan for debt consolidation, the fees should be fully considered. The fee included APR is a better reference than the interest rate for comparison purposes. Other common uses of personal loans include the payment of medical bills, home renovations, small business expansions, vacations, weddings, and other larger purchases. The following are a number of more specific examples of uses of personal loans:
Try to Avoid Fraudulent or Predatory Loans
Unfortunately, fraudulent or predatory lenders do exist. Firstly, it is unusual for a lender to extend an offer without first asking for credit history, and a lender doing so may be a telltale sign to avoid them. Loans advertised through physical mail or by phone have a high chance of being predatory. The same is often said for auto title loans, cash advances, nocreditcheck loans, and payday loans. Generally, these loans come with very high interest rates, exorbitant fees, and very short payback terms.
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How To Get The Best Loan Interest Rates
You may be able to improve your chances of obtaining the most favorable interest rate on a loan in a few ways:
 Improve your credit score: The most competitive interest rates are generally available to those with the highest credit scores.
 Opt for a shorter repayment timeline: The best interest rates will always accompany the shortestterm loans. You will pay less interest over time if you can afford the payments.
 Reduce your debttoincome ratio: Your debttoincome ratio is the debt you pay each month as a percentage of your gross monthly income. It is nearly as significant as your credit score when qualifying for a competitive loan.
Floating Rate Emi Calculation
We suggest that you calculate floating / variable rate EMI by taking into consideration two opposite scenarios, i.e., optimistic and pessimistic scenario. Loan amount and loan tenure, two components required to calculate the EMI are under your control i.e., you are going to decide how much loan you have to borrow and how long your loan tenure should be. But interest rate is decided by the banks & HFCs based on rates and policies set by RBI. As a borrower, you should consider the two extreme possibilities of increase and decrease in the rate of interest and calculate your EMI under these two conditions. Such calculation will help you decide how much EMI is affordable, how long your loan tenure should be and how much you should borrow.
Optimistic scenario: Assume that the rate of interest comes down by 1% – 3% from the present rate. Consider this situation and calculate your EMI. In this situation, your EMI will come down or you may opt to shorten the loan tenure. Ex: If you avail home loan to purchase a house as an investment, then optimistic scenario enables you to compare this with other investment opportunities.
Pessimistic scenario: In the same way, assume that the rate of interest is hiked by 1% – 3%. Is it possible for you to continue to pay the EMI without much struggle? Even a 2% increase in rate of interest can result in significant rise in your monthly payment for the entire loan tenure.
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decisionmaking process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most the different types of lending options, the best rates, the best lenders, how to pay off debt and more so you can feel confident when investing your money.
Controllable Factors That Determine Interest Rate
While many factors that affect the interest rate are uncontrollable, individuals can, to some degree, affect the interest rates they receive.
Individual Credit Standing
In the U.S., credit scores and credit reports exist to provide information about each borrower so that lenders can assess risk. A credit score is a number between 300 and 850 that represents a borrower’s creditworthiness the higher, the better. Good credit scores are built over time through timely payments, low credit utilization, and many other factors. Credit scores drop when payments are missed or late, credit utilization is high, total debt is high, and bankruptcies are involved. The average credit score in the U.S. is around 700.
The higher a borrower’s credit score, the more favorable the interest rate they may receive. Anything higher than 750 is considered excellent and will receive the best interest rates. From the perspective of a lender, they are more hesitant to lend to borrowers with low credit scores and/or a history of bankruptcy and missed credit card payments than they would be to borrowers with clean histories of timely mortgage and auto payments. As a result, they will either reject the lending application or charge higher rates to protect themselves from the likelihood that higherrisk borrowers default. For example, a credit card issuer can raise the interest rate on an individual’s credit card if they start missing many payments.
How to Receive Better Interest Rates
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