EMI Calculator – PHP Program

Let us see how to write a simple PHP program to calculate EMI. This program can be used to calculate Home Loans, Car Loans & Personal loans, etc.,

Here is the PHP function to calculate EMI:

// Function to calculate EMI
function calculateEMI($p, $r, $n) {
    $r = $r/(12*100); // monthly interest rate
    $emi = ($p*$r*pow(1+$r,$n))/(pow(1+$r,$n)-1);
    return $emi;
}

I have used this Formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal amount, R is the monthly interest rate, and N is the number of months.

Let me write a complete example to test this script using PHP and HTML.

<?php

// Function to calculate EMI
function calculateEMI($p, $r, $n) {
    $r = $r/(12*100); // monthly interest rate
    $emi = ($p*$r*pow(1+$r,$n))/(pow(1+$r,$n)-1);
    return $emi;
}

//if the form is submitted

if (isset($_POST['submit'])) {
    // Inputs
    $principal = $_POST['principal'];
    $rate = $_POST['rate'];
    $time = $_POST['time'];
    
    // Calculate EMI
    $emi = calculateEMI($principal, $rate, $time);
}


?>
<!DOCTYPE html>
<html>
<head>
	<title>EMI Calculator</title>
</head>
<body>

<form action="" method="post">
	<label for="principal">Loan Amount:</label>
	<input type="text" id="principal" name="principal" required><br /><br />

	<label for="rate">Annual Interest Rate:</label>
	<input type="text" id="rate" name="rate" required> <br /><br />

	<label for="time">Loan Tenure (in Months):</label>
	<input type="text" id="time" name="time" required> <br /><br />

	<input type="submit" name="submit" value="Calculate EMI">
</form>

<br />
<?php 
    if (isset($emi)) {
        echo "EMI: ".$emi;
    }
?>

</body>
</html>

Output: