This calculator helps you estimate your monthly payments for a car loan financed through Chase Auto. Understanding the key factors influencing your loan can help you make informed decisions and budget effectively.
The calculation is based on the standard auto loan amortization formula. Here's a breakdown of the inputs and how they affect your payment:
Vehicle Price: The total cost of the car you intend to purchase.
Down Payment: The amount of money you pay upfront. This reduces the principal loan amount, which in turn lowers your monthly payments and the total interest paid over the life of the loan.
Loan Term: The duration of the loan, measured in months. A longer term generally results in lower monthly payments, but you'll pay more interest overall. A shorter term means higher monthly payments but less total interest. Chase Auto typically offers terms ranging from 36 to 84 months.
Annual Interest Rate (APR): This is the yearly cost of borrowing money, expressed as a percentage. A lower APR significantly reduces your total interest cost and your monthly payment.
The Math Behind the Calculation
The monthly payment (M) is calculated using the following formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal Loan Amount (Vehicle Price – Down Payment)
n = Total Number of Payments (Loan Term in Months)
This formula determines the fixed monthly payment required to pay off the loan over the specified term.
How to Use This Calculator Effectively
1. Enter Vehicle Price: Input the sticker price or negotiated price of the car.
2. Estimate Down Payment: Enter how much cash you plan to put down. You can adjust this to see its impact.
3. Select Loan Term: Choose a loan term that fits your budget. Remember the trade-off between monthly cost and total interest paid. Chase offers flexible terms.
4. Input Interest Rate: Use the estimated APR you expect to receive from Chase Auto. Checking your pre-qualification rate can give you a good estimate without impacting your credit score.
5. Calculate: Click the button to see your estimated monthly payment.
This calculator provides an estimate for informational purposes only. Actual loan terms and payments may vary based on creditworthiness, specific loan programs offered by Chase Auto, and final agreement details. It's always recommended to consult directly with Chase Auto Finance for precise figures and loan options.
function calculateMonthlyPayment() {
var vehiclePrice = parseFloat(document.getElementById('vehiclePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var loanTerm = parseInt(document.getElementById('loanTerm').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var errorMessageElement = document.getElementById('errorMessage');
var resultElement = document.getElementById('result');
var monthlyPaymentAmountElement = document.getElementById('monthlyPaymentAmount');
errorMessageElement.style.display = 'none';
resultElement.style.display = 'none';
if (isNaN(vehiclePrice) || vehiclePrice <= 0) {
errorMessageElement.innerText = "Please enter a valid Vehicle Price.";
errorMessageElement.style.display = 'block';
return;
}
if (isNaN(downPayment) || downPayment < 0) {
errorMessageElement.innerText = "Please enter a valid Down Payment.";
errorMessageElement.style.display = 'block';
return;
}
if (isNaN(loanTerm) || loanTerm <= 0) {
errorMessageElement.innerText = "Please enter a valid Loan Term in months.";
errorMessageElement.style.display = 'block';
return;
}
if (isNaN(interestRate) || interestRate vehiclePrice) {
errorMessageElement.innerText = "Down Payment cannot be greater than the Vehicle Price.";
errorMessageElement.style.display = 'block';
return;
}
var principal = vehiclePrice – downPayment;
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm;
var monthlyPayment = 0;
if (monthlyInterestRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
}
if (!isNaN(monthlyPayment) && monthlyPayment > 0) {
monthlyPaymentAmountElement.innerText = "$" + monthlyPayment.toFixed(2);
resultElement.style.display = 'block';
} else {
errorMessageElement.innerText = "Calculation resulted in an invalid amount. Please check your inputs.";
errorMessageElement.style.display = 'block';
}
}