Estimate your aviation financing options for aircraft purchases.
AOPA Loan Calculator
Calculate potential monthly payments and total costs for your aviation loan.
Enter the total price of the aircraft.
Amount you plan to pay upfront.
Duration of the loan in years.
The annual interest rate for the loan.
One-time fees associated with the loan.
Your Estimated AOPA Loan Details
Estimated Monthly Payment
$0.00
Based on your inputs
Loan Amount Financed
$0.00
Purchase Price minus Down Payment
Total Interest Paid
$0.00
Over the life of the loan
Total Repayment Cost
$0.00
Principal + Interest + Fees
Formula Used:
Monthly Payment (M) = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal loan amount (Loan Amount Financed)
i = Monthly interest rate (Annual Interest Rate / 12 / 100)
n = Total number of payments (Loan Term in Years * 12)
Total Interest = (M * n) – P
Total Repayment = (M * n) + Loan Fees
Amortization Schedule (First 5 Years)
Year
Starting Balance
Total Payments
Principal Paid
Interest Paid
Ending Balance
What is an AOPA Loan Calculator?
An AOPA loan calculator is a specialized financial tool designed to help pilots, aircraft owners, and aviation enthusiasts estimate the financial implications of purchasing an aircraft or financing aviation-related expenses through a loan. As a member of the Aircraft Owners and Pilots Association (AOPA), you might be interested in exploring financing options specifically tailored for aviation assets. This type of calculator simplifies the complex process of understanding loan terms, interest rates, down payments, and repayment periods, providing clear, actionable figures. It's crucial for anyone considering an aircraft financing solution to get a grasp on the potential costs involved.
Current aircraft owners looking to refinance or secure a new loan.
Pilots planning for future aircraft acquisitions.
Anyone needing to estimate the cost of borrowing for aviation-related purchases, including avionics upgrades or engine overhauls, when these are bundled into a loan.
Common misconceptions:
It's only for new aircraft: Many aircraft loans can be used for pre-owned aircraft, avionics, and even engine overhauls. The calculator helps with all these scenarios.
All loans are the same: Loan terms, interest rates, and fees can vary significantly. The AOPA loan calculator provides estimates based on *your* input, highlighting how these variables affect the outcome.
It predicts exact approval: This calculator provides estimates based on inputted data. Actual loan approval and terms depend on lender underwriting and your financial profile.
AOPA Loan Calculator Formula and Mathematical Explanation
The core of the AOPA loan calculator relies on the standard amortization loan formula to determine monthly payments. This formula is essential for understanding how loan principal, interest rates, and loan terms interact over time.
Step-by-step derivation of the Monthly Payment Formula:
The formula calculates the fixed periodic payment (M) required to fully amortize a loan over its term.
Determine the Principal (P): This is the amount you need to borrow. It's calculated as the Aircraft Purchase Price minus your Down Payment, plus any financed Loan Fees.
Calculate the Monthly Interest Rate (i): The annual interest rate (r) is divided by 12 months and then by 100 to convert it to a decimal monthly rate (i = r / 12 / 100).
Calculate the Total Number of Payments (n): This is the Loan Term in years multiplied by 12 months (n = Loan Term * 12).
Apply the Amortization Formula: The monthly payment (M) is calculated using the formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Calculate Total Interest Paid: Once the monthly payment is known, the total interest paid over the loan's life is the total amount repaid minus the principal borrowed.
Total Interest = (M * n) - P
Calculate Total Repayment Cost: This includes the principal, total interest, and any initial loan fees.
Total Repayment Cost = (M * n) + Loan Fees
Variable Explanations:
Variable Name
Meaning
Unit
Typical Range
P (Principal)
The total amount borrowed for the aircraft purchase, after down payment and including financed fees.
Currency ($)
$50,000 – $1,000,000+ (depending on aircraft value)
r (Annual Interest Rate)
The yearly interest rate charged by the lender.
Percent (%)
4% – 12% (can vary based on credit, market, loan type)
i (Monthly Interest Rate)
The interest rate applied each month (r / 12 / 100).
Decimal
0.00333 – 0.01
t (Loan Term)
The duration of the loan in years.
Years
5 – 20 years (common for aircraft)
n (Number of Payments)
The total number of monthly payments (t * 12).
Payments
60 – 240
M (Monthly Payment)
The fixed amount paid each month to cover principal and interest.
Currency ($)
Variable
Loan Fees
Administrative, origination, or other one-time fees associated with securing the loan.
Currency ($)
$500 – $5,000+
Practical Examples (Real-World Use Cases)
Let's explore how the AOPA loan calculator can be used in practical scenarios for aviation enthusiasts.
Example 1: Purchasing a Pre-Owned Cessna 172
Sarah, a pilot, is looking to buy a well-maintained, pre-owned Cessna 172 Skyhawk priced at $180,000. She has saved $40,000 for a down payment and plans to finance the rest over 15 years. She anticipates an annual interest rate of 6.0% and estimates $1,200 in loan origination fees.
Inputs:
Aircraft Purchase Price: $180,000
Down Payment: $40,000
Loan Term: 15 years
Annual Interest Rate: 6.0%
Loan Fees: $1,200
Calculator Outputs:
Loan Amount Financed: $140,000.00
Estimated Monthly Payment: $1,189.49
Total Interest Paid: $76,118.49
Total Repayment Cost: $217,318.49
Financial Interpretation: Sarah will need to budget approximately $1,189.49 per month for her loan payments over the next 15 years. In addition to repaying the $140,000 she borrowed, she will pay roughly $76,118 in interest and $1,200 in fees, bringing the total cost of the aircraft over the loan term to over $217,000. This estimate helps her determine if this monthly commitment fits her budget.
Example 2: Financing an Avionics Upgrade
Mark wants to install a new glass cockpit (e.g., Garmin G500 TXi) in his existing Piper Archer. The total cost for the unit and installation is $25,000. He doesn't have immediate cash for this upgrade and decides to take out a loan. He plans to pay it off quickly over 7 years with an estimated interest rate of 7.5%. He expects $500 in associated loan processing costs.
Financial Interpretation: Mark's monthly payments for the avionics upgrade will be around $404.34. Over 7 years, the interest will add approximately $8,212 to the initial $25,500 financed amount. This helps him assess the long-term value of the upgrade against its financing cost. Understanding these figures is key to making informed decisions about investing in aircraft improvements, a crucial aspect of aircraft maintenance planning.
How to Use This AOPA Loan Calculator
Using the AOPA loan calculator is straightforward. Follow these steps to get accurate estimates for your aviation financing needs:
Enter Aircraft Purchase Price: Input the full price of the aircraft or the total cost of the aviation-related item you wish to finance. This is the starting point for your calculation.
Specify Down Payment: Enter the amount of money you intend to pay upfront. A larger down payment reduces the principal loan amount, often leading to lower monthly payments and less total interest paid.
Set Loan Term (Years): Choose the duration over which you want to repay the loan. Longer terms generally result in lower monthly payments but higher total interest costs. Shorter terms mean higher monthly payments but less interest paid overall. Common terms for aircraft loans range from 5 to 20 years.
Input Annual Interest Rate (%): Enter the estimated annual interest rate you expect to receive from a lender. This rate is critical; even small differences can significantly impact your total repayment cost. Rates depend on your creditworthiness, market conditions, and the lender.
Add Estimated Loan Fees: Include any known fees (origination, processing, etc.) that are part of the loan agreement. These are added to the principal amount to be financed.
Click 'Calculate': The calculator will instantly process your inputs and display:
Loan Amount Financed: The actual amount you'll be borrowing.
Estimated Monthly Payment: Your projected fixed monthly payment.
Total Interest Paid: The total interest you'll pay over the loan's life.
Total Repayment Cost: The sum of the financed amount, interest, and fees.
The calculator also generates a basic amortization schedule and a chart for visual understanding.
Interpret Results: Review the figures to understand the financial commitment. The monthly payment indicates your required cash flow. Total interest and repayment costs show the overall expense of borrowing. Use this information to compare different loan scenarios or to decide if the purchase is financially feasible.
Use 'Reset' and 'Copy Results': The 'Reset' button clears all fields for a new calculation. 'Copy Results' allows you to save a summary of your findings. Experiment with different inputs to see how they affect the outcome.
This tool empowers you to make more informed decisions regarding aircraft loan options and provides a clearer picture of your potential financial obligations before committing to a purchase.
Key Factors That Affect AOPA Loan Results
Several factors significantly influence the outcome of your AOPA loan calculator estimations and, more importantly, the actual loan terms you might secure. Understanding these variables is crucial for effective financial planning in aviation.
Credit Score and History: Lenders heavily rely on your credit score to assess risk. A higher credit score typically grants access to lower interest rates and more favorable loan terms, directly reducing your monthly payment and total interest paid. Conversely, a lower score might result in higher rates or even loan denial.
Down Payment Amount: As seen in the calculator, a larger down payment reduces the principal loan amount (P). This not only lowers the monthly payment (M) but also decreases the total interest paid over the loan's lifespan, as interest is calculated on a smaller base.
Loan Term (Years): The duration of the loan (t) directly impacts the monthly payment (M) and total interest (Total Interest = (M * n) – P). A longer term lowers the monthly payment, making the purchase seem more affordable, but significantly increases the total interest paid. A shorter term raises the monthly payment but reduces the overall interest burden.
Annual Interest Rate (%): This is arguably the most impactful variable. A small increase in the annual interest rate (r) leads to a higher monthly interest component (i), which compounds over the loan's life. The AOPA loan calculator demonstrates how even a 1% difference can add thousands to the total cost of borrowing for an aircraft.
Aircraft Age, Condition, and Type: While not a direct input in this basic calculator, the specific aircraft influences the loan terms offered. Newer, high-demand aircraft may secure better rates than older models. The aircraft's appraised value and its intended use (personal vs. commercial) also play a role in lender decisions and interest rates.
Lender Fees and Associated Costs: Loan origination fees, appraisal fees, closing costs, and potential prepayment penalties all add to the total cost of financing. While some are included in the calculator (Loan Fees), others might be separate. Always clarify all associated costs with the lender. Consider these costs when comparing different aircraft financing providers.
Market Conditions and Economic Outlook: Broader economic factors, such as inflation, central bank interest rate policies, and the overall health of the aviation industry, can influence the interest rates lenders offer for aircraft loans. During periods of economic uncertainty, rates might be higher, or lending criteria stricter.
Frequently Asked Questions (FAQ)
Q1: What is the difference between the 'Loan Amount Financed' and the 'Aircraft Purchase Price'?
The 'Aircraft Purchase Price' is the total cost of the aircraft. The 'Loan Amount Financed' is the purchase price minus your down payment, plus any loan fees you choose to finance. This is the actual amount you will be borrowing and paying interest on.
Q2: Can I use this calculator for financing an experimental aircraft?
Yes, the principles of aircraft financing apply to various aircraft types, including experimental ones. While specific loan products might differ, the core calculations for loan payments, interest, and total cost remain the same. Always verify with lenders about their specific programs for experimental aircraft.
Q3: What happens if I want to pay off my loan early?
Many aircraft loans allow for early payoff. Some may have prepayment penalties, while others do not. Paying off your loan early typically means you pay less total interest over time. Always check your loan agreement for details on prepayment terms.
Q4: How accurate are the results from the AOPA loan calculator?
The results are highly accurate based on the standard amortization formula and the inputs you provide. However, they are estimates. Actual loan terms offered by lenders may vary due to their specific underwriting criteria, current market rates, and a full assessment of your financial situation.
Q5: Does the calculator account for insurance costs?
No, this AOPA loan calculator focuses solely on the loan's principal, interest, and fees. Aircraft insurance is a separate, mandatory expense that you need to budget for in addition to your loan payments. You can find resources on aircraft insurance overview to estimate these costs.
Q6: What is a typical down payment percentage for an aircraft loan?
Down payment requirements can vary significantly by lender and the type/age of the aircraft. For newer or more valuable aircraft, lenders might require 10-20%. For older or less expensive aircraft, the requirement could be higher, sometimes 20% or more. Some specialized aircraft loan options might exist with lower down payment requirements, but these often come with higher interest rates.
Q7: Can I use this calculator for a business jet loan?
While the core loan formula is the same, financing for complex assets like business jets often involves different structures, longer terms, and potentially different interest rates than for smaller aircraft. This calculator provides a good baseline estimate, but specialized jet financing calculators or direct consultation with lenders specializing in corporate aviation finance would be more appropriate for precise figures.
Q8: What's the difference between APR and the Annual Interest Rate input?
The 'Annual Interest Rate' input in this calculator refers to the base interest rate charged on the loan principal. The Annual Percentage Rate (APR), which lenders often quote, includes the base interest rate *plus* certain fees (like origination fees) spread out over the loan term. APR provides a more comprehensive cost of borrowing. For simplicity, this calculator uses the base annual rate but includes a separate field for estimated loan fees. Always compare APRs when shopping for loans.
Related Tools and Internal Resources
Aircraft Financing GuideLearn about the different types of aircraft loans, requirements, and tips for securing the best financing.
Aircraft Loan Options ExplainedExplore the various loan products available for aircraft purchases, from traditional bank loans to specialized aviation lenders.
Aircraft Insurance OverviewUnderstand the necessity of aircraft insurance and factors affecting premiums, a critical cost alongside financing.
Aircraft Appreciation CalculatorEstimate potential changes in your aircraft's value over time, which can affect your equity and future financing.
Aviation Fuel Cost CalculatorFactor in ongoing operational costs like fuel when assessing the overall affordability of aircraft ownership.
Aircraft Maintenance PlanningBudget for essential maintenance to keep your aircraft airworthy and maintain its value.
function calculateAopaLoan() {
// Clear previous errors
document.getElementById('loanAmountError').innerText = ";
document.getElementById('downPaymentError').innerText = ";
document.getElementById('loanTermError').innerText = ";
document.getElementById('annualInterestRateError').innerText = ";
document.getElementById('loanFeesError').innerText = ";
var loanAmount = parseFloat(document.getElementById('loanAmount').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var loanTermYears = parseInt(document.getElementById('loanTerm').value);
var annualInterestRate = parseFloat(document.getElementById('annualInterestRate').value);
var loanFees = parseFloat(document.getElementById('loanFees').value);
var principal = 0;
var monthlyPayment = 0;
var totalInterest = 0;
var totalRepayment = 0;
var isValid = true;
// Input Validations
if (isNaN(loanAmount) || loanAmount <= 0) {
document.getElementById('loanAmountError').innerText = 'Please enter a valid aircraft purchase price.';
isValid = false;
}
if (isNaN(downPayment) || downPayment loanAmount) {
document.getElementById('downPaymentError').innerText = 'Down payment cannot exceed the purchase price.';
isValid = false;
}
if (isNaN(loanTermYears) || loanTermYears 30) { // Arbitrary upper limit for realism
document.getElementById('loanTermError').innerText = 'Loan term seems unrealistically long (max 30 years).';
isValid = false;
}
if (isNaN(annualInterestRate) || annualInterestRate 25) { // Arbitrary upper limit for realism
document.getElementById('annualInterestRateError').innerText = 'Interest rate seems unrealistically high (max 25%).';
isValid = false;
}
if (isNaN(loanFees) || loanFees 0) {
monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// If interest rate is 0, payment is just principal divided by number of payments
monthlyPayment = principal / numberOfPayments;
}
totalInterest = (monthlyPayment * numberOfPayments) – principal;
totalRepayment = (monthlyPayment * numberOfPayments) + loanFees; // Add fees again as they were part of total cost initially
// Format and display results
document.getElementById('monthlyPayment').innerText = formatCurrency(monthlyPayment);
document.getElementById('loanAmountFinanced').innerText = formatCurrency(principal); // Principal now includes fees
document.getElementById('totalInterest').innerText = formatCurrency(totalInterest);
document.getElementById('totalRepayment').innerText = formatCurrency(totalRepayment);
// Update chart and table
updateChart(principal, numberOfPayments, monthlyInterestRate, loanTermYears);
updateAmortizationTable(principal, numberOfPayments, monthlyInterestRate, loanTermYears);
}
function formatCurrency(amount) {
return "$" + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
function formatNumber(num) {
return num.toFixed(2).replace(/(\d)(?=(\d{3})+(?!\d))/g, '$1,');
}
function resetForm() {
document.getElementById('loanAmount').value = ";
document.getElementById('downPayment').value = ";
document.getElementById('loanTerm').value = '15';
document.getElementById('annualInterestRate').value = '5.5';
document.getElementById('loanFees').value = ";
document.getElementById('loanAmountError').innerText = ";
document.getElementById('downPaymentError').innerText = ";
document.getElementById('loanTermError').innerText = ";
document.getElementById('annualInterestRateError').innerText = ";
document.getElementById('loanFeesError').innerText = ";
document.getElementById('monthlyPayment').innerText = '$0.00';
document.getElementById('loanAmountFinanced').innerText = '$0.00';
document.getElementById('totalInterest').innerText = '$0.00';
document.getElementById('totalRepayment').innerText = '$0.00';
clearChartAndTable();
}
function clearChartAndTable() {
var canvas = document.getElementById('loanChart');
if (canvas) {
var ctx = canvas.getContext('2d');
ctx.clearRect(0, 0, canvas.width, canvas.height);
}
var tableBody = document.getElementById('amortizationTableBody');
if (tableBody) {
tableBody.innerHTML = '
Enter values and calculate to see the schedule.
';
}
document.getElementById('chartCaption').innerText = ";
}
function copyResults() {
var monthlyPayment = document.getElementById('monthlyPayment').innerText;
var loanAmountFinanced = document.getElementById('loanAmountFinanced').innerText;
var totalInterest = document.getElementById('totalInterest').innerText;
var totalRepayment = document.getElementById('totalRepayment').innerText;
var loanAmountInput = document.getElementById('loanAmount').value;
var downPaymentInput = document.getElementById('downPayment').value;
var loanTermInput = document.getElementById('loanTerm').value;
var annualInterestRateInput = document.getElementById('annualInterestRate').value;
var loanFeesInput = document.getElementById('loanFees').value;
var summary = "— AOPA Loan Calculator Results —\n\n";
summary += "Inputs:\n";
summary += " Aircraft Purchase Price: $" + loanAmountInput + "\n";
summary += " Down Payment: $" + downPaymentInput + "\n";
summary += " Loan Term: " + loanTermInput + " years\n";
summary += " Annual Interest Rate: " + annualInterestRateInput + "%\n";
summary += " Loan Fees: $" + loanFeesInput + "\n\n";
summary += "Outputs:\n";
summary += " Loan Amount Financed: " + loanAmountFinanced + "\n";
summary += " Estimated Monthly Payment: " + monthlyPayment + "\n";
summary += " Total Interest Paid: " + totalInterest + "\n";
summary += " Total Repayment Cost: " + totalRepayment + "\n";
if (navigator.clipboard && window.isSecureContext) {
navigator.clipboard.writeText(summary).then(function() {
alert('Results copied to clipboard!');
}).catch(function(err) {
console.error('Could not copy text: ', err);
prompt('Copy these results manually:', summary); // Fallback for insecure contexts or older browsers
});
} else {
// Fallback for older browsers or non-HTTPS contexts
try {
var textArea = document.createElement("textarea");
textArea.value = summary;
textArea.style.position = "fixed"; // Avoid scrolling to bottom
textArea.style.left = "-9999px";
textArea.style.top = "-9999px";
document.body.appendChild(textArea);
textArea.focus();
textArea.select();
document.execCommand('copy');
document.body.removeChild(textArea);
alert('Results copied to clipboard!');
} catch (err) {
console.error('Could not copy text: ', err);
prompt('Copy these results manually:', summary);
}
}
}
// Charting Functionality (Pure JavaScript and Canvas)
function updateChart(principal, numberOfPayments, monthlyInterestRate, loanTermYears) {
var canvas = document.getElementById('loanChart');
var ctx = canvas.getContext('2d');
canvas.width = canvas.parentElement.clientWidth; // Responsive width
canvas.height = canvas.parentElement.clientWidth * 0.6; // Maintain aspect ratio
ctx.clearRect(0, 0, canvas.width, canvas.height); // Clear previous drawing
var chartCaption = document.getElementById('chartCaption');
chartCaption.innerText = 'Monthly Principal vs. Interest Breakdown (Estimated)';
var monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
var dataPoints = [];
var currentBalance = principal;
var totalPrincipalPaid = 0;
var totalInterestPaid = 0;
var numMonthsToChart = Math.min(numberOfPayments, loanTermYears < 1 ? numberOfPayments : Math.ceil(loanTermYears * 12)); // Chart up to specified years or full term
for (var i = 0; i < numMonthsToChart; i++) {
var interestForMonth = currentBalance * monthlyInterestRate;
var principalForMonth = monthlyPayment – interestForMonth;
// Ensure principal doesn't go negative due to rounding
if (principalForMonth < 0) principalForMonth = 0;
if (currentBalance – principalForMonth < 0) principalForMonth = currentBalance;
currentBalance -= principalForMonth;
totalPrincipalPaid += principalForMonth;
totalInterestPaid += interestForMonth;
dataPoints.push({
month: i + 1,
principal: principalForMonth,
interest: interestForMonth,
balance: currentBalance maxChartValue) {
maxChartValue = dp.principal + dp.interest;
}
});
if (maxChartValue === 0) maxChartValue = 1; // Prevent division by zero
var chartHeight = canvas.height – 60; // Reserve space for labels and axis
var chartWidth = canvas.width – 80; // Reserve space for labels and axis
var barWidth = chartWidth / numMonthsToChart * 0.8;
var barSpacing = chartWidth / numMonthsToChart * 0.2;
// Draw X-axis labels (years)
ctx.fillStyle = '#6c757d';
ctx.font = '12px sans-serif';
ctx.textAlign = 'center';
for (var year = 0; year = numMonthsToChart) monthIndex = numMonthsToChart -1;
if (monthIndex < 0) monthIndex = 0;
var xPos = 50 + (monthIndex / numMonthsToChart) * chartWidth;
ctx.fillText(year.toString(), xPos, chartHeight + 50);
}
ctx.fillText("Years", chartWidth / 2 + 50, chartHeight + 70);
// Draw Y-axis labels (value)
var yAxisTicks = 5;
for (var i = 0; i <= yAxisTicks; i++) {
var tickValue = maxChartValue * (i / yAxisTicks);
var yPos = chartHeight – (tickValue / maxChartValue) * chartHeight + 20; // +20 for top padding
if (yPos < 20) yPos = 20; // Prevent drawing above top line
ctx.fillStyle = '#6c757d';
ctx.textAlign = 'right';
ctx.fillText(formatCurrency(tickValue), 40, yPos);
ctx.beginPath();
ctx.moveTo(45, yPos);
ctx.lineTo(55, yPos);
ctx.strokeStyle = '#dee2e6';
ctx.stroke();
}
ctx.fillText("Amount ($)", 30, chartHeight / 2 + 20);
// Draw bars
ctx.font = '10px sans-serif';
ctx.textAlign = 'center';
var barBaseY = chartHeight + 20; // Y position where bars start drawing from
for (var i = 0; i < dataPoints.length; i++) {
var dp = dataPoints[i];
var xPos = 50 + i * (barWidth + barSpacing);
// Interest Bar (bottom)
var interestBarHeight = (dp.interest / maxChartValue) * chartHeight;
ctx.fillStyle = '#e9ecef'; // Light gray for interest
ctx.fillRect(xPos, barBaseY – interestBarHeight, barWidth, interestBarHeight);
// Principal Bar (top)
var principalBarHeight = (dp.principal / maxChartValue) * chartHeight;
ctx.fillStyle = 'var(–primary-color)'; // Primary color for principal
ctx.fillRect(xPos, barBaseY – interestBarHeight – principalBarHeight, barWidth, principalBarHeight);
}
// Draw axis lines
ctx.beginPath();
ctx.moveTo(50, 20); // Top Y line
ctx.lineTo(50, barBaseY); // Left Y line
ctx.lineTo(50 + chartWidth, barBaseY); // Bottom X line
ctx.strokeStyle = '#ccc';
ctx.lineWidth = 1;
ctx.stroke();
// Draw legend
var legendX = 50 + chartWidth – 150; // Position legend on the right
var legendY = 20;
ctx.fillStyle = 'var(–primary-color)';
ctx.fillRect(legendX, legendY, 15, 15);
ctx.fillStyle = '#e9ecef';
ctx.fillRect(legendX, legendY + 20, 15, 15);
ctx.fillStyle = '#333';
ctx.textAlign = 'left';
ctx.font = '14px sans-serif';
ctx.fillText('Principal', legendX + 25, legendY + 12);
ctx.fillText('Interest', legendX + 25, legendY + 32);
}
// Amortization Table Functionality
function updateAmortizationTable(principal, numberOfPayments, monthlyInterestRate, loanTermYears) {
var tableBody = document.getElementById('amortizationTableBody');
tableBody.innerHTML = ''; // Clear previous table content
var monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
var currentBalance = principal;
var year = 0;
var remainingPayments = numberOfPayments;
var yearCounter = 0; // Track years to display up to 5 years
// Determine the number of years to display in the table
var displayYears = Math.min(5, loanTermYears);
for (var i = 0; i < numberOfPayments; i++) {
var interestForMonth = currentBalance * monthlyInterestRate;
var principalForMonth = monthlyPayment – interestForMonth;
// Adjust for the last payment
if (i === numberOfPayments – 1) {
principalForMonth = currentBalance;
monthlyPayment = currentBalance + interestForMonth; // Adjust last payment
}
// Ensure principal doesn't go negative due to rounding
if (principalForMonth < 0) principalForMonth = 0;
if (currentBalance – principalForMonth < 0) principalForMonth = currentBalance;
currentBalance -= principalForMonth;
remainingPayments–;
if ((i + 1) % 12 === 0) { // End of a year
year++;
if (year 1) {
var prevYearBalance = principal;
for (var k=0; k < (year-1)*12; k++) {
var int_k = prevYearBalance * monthlyInterestRate;
var prin_k = monthlyPayment – int_k;
if (prevYearBalance – prin_k < 0) prin_k = prevYearBalance;
prevYearBalance -= prin_k;
}
yearlyStartBalance = prevYearBalance;
}
// Calculate for the current year
var currentYearIndex = year – 1; // 0-indexed
var startMonthOfYear = currentYearIndex * 12;
var endMonthOfYear = Math.min(startMonthOfYear + 12, numberOfPayments);
var tempBalance = yearlyStartBalance;
for (var m = startMonthOfYear; m < endMonthOfYear; m++) {
var interest_m = tempBalance * monthlyInterestRate;
var principal_m = monthlyPayment – interest_m;
if (tempBalance – principal_m < 0) principal_m = tempBalance;
yearlyInterest += interest_m;
yearlyPrincipal += principal_m;
yearlyPayments += monthlyPayment;
tempBalance -= principal_m;
if (tempBalance displayYears) break; // Stop after 5 years
}
// If no full years were completed (e.g., loan term 0) {
var row = tableBody.insertRow();
row.insertCell(0).innerText = 'N/A';
row.insertCell(1).innerText = formatCurrency(principal);
row.insertCell(2).innerText = formatCurrency(monthlyPayment * Math.min(12, numberOfPayments));
row.insertCell(3).innerText = formatCurrency(principal – Math.max(0, principal – monthlyPayment * Math.min(12, numberOfPayments))); // Simplified principal paid
row.insertCell(4).innerText = formatCurrency(monthlyPayment * Math.min(12, numberOfPayments) – (principal – Math.max(0, principal – monthlyPayment * Math.min(12, numberOfPayments))) ); // Simplified interest
row.insertCell(5).innerText = formatCurrency(Math.max(0, principal – monthlyPayment * Math.min(12, numberOfPayments)));
} else if (tableBody.rows.length === 0) {
var row = tableBody.insertRow();
row.insertCell(0).innerText = 'N/A';
row.insertCell(1).innerText = '$0.00';
row.insertCell(2).innerText = '$0.00';
row.insertCell(3).innerText = '$0.00';
row.insertCell(4).innerText = '$0.00';
row.insertCell(5).innerText = '$0.00';
}
}
// Initial calculation on page load if inputs have default values
document.addEventListener('DOMContentLoaded', function() {
calculateAopaLoan();
});