README

A Laravel package for calculating loan details, including EMI (Equated Monthly Installment), Total Cost, Total Interest, and generating a detailed Payment Schedule. This package is ideal for financial applications requiring loan calculations.

Features

• Calculate EMI, Total Cost, and Total Interest for a loan.
• Generate a Payment Schedule with a month-by-month breakdown of payments.
• Accepts flexible loan terms in both years and months.
• Easy integration with Laravel applications.

Installation

Step 1: Install via Composer

Run the installation command:

composer require iamvimukthi/loancalculator:1.0.0

Step 2: (Optional) Publish Configuration

To publish the configuration file (if required):

php artisan vendor:publish --provider="Iamvimukthi\Loancalculator\LoanCalculatorService"

Usage

1. Calculate Loan Details

Use the calculateLoanDetails method to calculate the EMI, total cost, and total interest for a loan.

use Iamvimukthi\Loancalculator\LoanCalculator;

$loanAmount = 500000;  // Principal amount
$annualInterestRate = 5;  // Annual interest rate (percentage)
$loanTermYears = 5;  // Loan term in years
$loanTermMonths = 6;  // Additional months

$loanDetails = LoanCalculator::calculateLoanDetails($loanAmount, $annualInterestRate, $loanTermYears, $loanTermMonths);

echo "Monthly EMI: " . number_format($loanDetails['EMI'], 2) . "\n";
echo "Total Cost of Loan: " . number_format($loanDetails['TotalCost'], 2) . "\n";
echo "Total Interest: " . number_format($loanDetails['TotalInterest'], 2) . "\n";

Output Example:

Monthly EMI: 8,680.78 
Total Cost of Loan: 572,931.50 
Total Interest: 72,931.50

2. Generate Payment Schedule

Use the generatePaymentSchedule method to create a detailed payment schedule for the loan.

$schedule = LoanCalculator::generatePaymentSchedule($loanAmount, $annualInterestRate, $loanTermYears, $loanTermMonths);

foreach ($schedule as $payment) {
    echo "Month-Year: {$payment['MonthYear']}, Principal: " . number_format($payment['PrincipalPayment'], 2) . ", Interest: " . number_format($payment['InterestPayment'], 2) . ", Total: " . number_format($payment['TotalPayment'], 2) . ", Balance: " . number_format($payment['Balance'], 2) . "\n";
}

Output Example:

Month-Year: Dec-2024, Principal: 6,597.45, Interest: 2,083.33, Total: 8,680.78, Balance: 493,402.55
Month-Year: Jan-2025, Principal: 6,624.94, Interest: 2,055.84, Total: 8,680.78, Balance: 486,777.62
...

Methods

calculateLoanDetails($loanAmount, $annualInterestRate, $loanTermYears, $loanTermMonths = 0)

• Description: Calculates EMI, total cost, and total interest for the given loan.
• Parameters:
  • $loanAmount (float): Principal loan amount.
  • $annualInterestRate (float): Annual interest rate (percentage).
  • $loanTermYears (int): Loan term in years.
  • $loanTermMonths (int): Additional months to add to the loan term (default: 0).
• Returns: Array containing:
  • 'EMI': Monthly installment.
  • 'TotalCost': Total loan cost (principal + interest).
  • 'TotalInterest': Total interest paid.

generatePaymentSchedule($loanAmount, $annualInterestRate, $loanTermYears, $loanTermMonths = 0)

• Description: Generates a detailed payment schedule for the loan.
• Parameters:
  • $loanAmount (float): Principal loan amount.
  • $annualInterestRate (float): Annual interest rate (percentage).
  • $loanTermYears (int): Loan term in years.
  • $loanTermMonths (int): Additional months to add to the loan term (default: 0).
• Returns: Array containing:
  • 'MonthYear': Month and year of the payment.
  • 'PrincipalPayment': Principal portion of the payment.
  • 'InterestPayment': Interest portion of the payment.
  • 'TotalPayment': Total payment (EMI).
  • 'Balance': Remaining loan balance.

Testing

Run unit tests for the package using PHPUnit to ensure calculations are accurate.

php artisan test

Example test case:

use Iamvimukthi\Loancalculator\LoanCalculator;

class LoanCalculatorTest extends TestCase
{
    public function testCalculateLoanDetails()
    {
        $loanDetails = LoanCalculator::calculateLoanDetails(500000, 5, 5, 6);

        $this->assertEquals(9432.26, $loanDetails['EMI']);
        $this->assertEquals(566136.45, $loanDetails['TotalCost']);
        $this->assertEquals(66136.45, $loanDetails['TotalInterest']);
    }
}

License

This package is licensed under the MIT License.

Contributing

Contributions are welcome! Please follow these steps to contribute:

1. Fork the repository.
2. Create a new branch (git checkout -b feature/YourFeature).
3. Commit your changes (git commit -m 'Add some feature').
4. Push to the branch (git push origin feature/YourFeature).
5. Open a Pull Request.

Contact

For any issues or suggestions, please create an issue on the GitHub Issues page.