Estimate your monthly loan payments with PSFCU. Enter your desired loan amount, interest rate, and loan term.
Monthly Payment: $0.00
Understanding Your PSFCU Loan Payment Calculation
This calculator helps you estimate the monthly payment for a loan from the Pennsylvania State Employees Credit Union (PSFCU). Understanding the components of your loan payment is crucial for effective budgeting and financial planning. The calculation is based on a standard amortization formula.
The Math Behind the Payment
The monthly payment (M) for an amortizing loan is calculated using the following formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly loan payment.
P = The principal loan amount (the total amount of money borrowed).
i = Your monthly interest rate. This is your Annual Interest Rate divided by 12 (e.g., if your annual rate is 6%, your monthly rate is 0.06 / 12 = 0.005).
n = The total number of payments over the loan's lifetime. This is your Loan Term in Years multiplied by 12 (e.g., a 5-year loan has 5 * 12 = 60 payments).
How to Use the Calculator
1. Loan Amount: Enter the total sum you wish to borrow. This could be for a car, personal expenses, or another significant purchase.
2. Annual Interest Rate (%): Input the annual interest rate offered by PSFCU for the loan type. The calculator automatically converts this to a monthly rate.
3. Loan Term (Years): Specify the duration over which you plan to repay the loan. The calculator converts this into the total number of monthly payments.
After entering these details, click "Calculate Monthly Payment" to see your estimated repayment amount.
Why This Matters for PSFCU Members
PSFCU offers a variety of loan products, including personal loans, auto loans, and home equity loans. This calculator provides a quick way to compare different loan scenarios. A lower monthly payment can be achieved by:
Increasing the loan term (though this may lead to paying more interest over time).
Securing a lower interest rate.
Making a larger down payment (effectively reducing the principal loan amount).
It's important to remember that this calculator provides an estimate. Actual loan payments may vary slightly due to specific lender policies, fees, or rounding methods used by PSFCU. Always consult with a PSFCU loan officer for precise figures and personalized loan options.
function updateInterestRateInput() {
var sliderValue = document.getElementById("interestRateSlider").value;
document.getElementById("interestRate").value = sliderValue;
}
function updateLoanTermInput() {
var sliderValue = document.getElementById("loanTermSlider").value;
document.getElementById("loanTerm").value = sliderValue;
}
function calculateMonthlyPayment() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("interestRate").value);
var loanTermYears = parseFloat(document.getElementById("loanTerm").value);
var resultDiv = document.getElementById("result");
if (isNaN(principal) || principal <= 0) {
resultDiv.innerHTML = 'Please enter a valid loan amount.';
return;
}
if (isNaN(annualRate) || annualRate < 0) {
resultDiv.innerHTML = 'Please enter a valid annual interest rate.';
return;
}
if (isNaN(loanTermYears) || loanTermYears <= 0) {
resultDiv.innerHTML = 'Please enter a valid loan term.';
return;
}
var monthlyRate = annualRate / 100 / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment = 0;
// Handle case where interest rate is 0%
if (monthlyRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
monthlyPayment = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
if (isNaN(monthlyPayment) || !isFinite(monthlyPayment)) {
resultDiv.innerHTML = 'Calculation error. Please check inputs.';
} else {
resultDiv.innerHTML = 'Monthly Payment: $' + monthlyPayment.toFixed(2) + '';
}
}