Estimate your monthly loan payments for various loan types.
Estimated Monthly Payment
$0.00
Understanding Your Loan Payment Calculation
This calculator helps you estimate your monthly loan payments for various types of loans offered by Mountain America Credit Union, such as personal loans, auto loans, or debt consolidation loans. The calculation is based on the standard amortization formula, which determines how your loan will be paid off over time with fixed monthly payments.
The Formula Explained
The formula used to calculate the fixed monthly payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal loan amount (the total amount you borrow)
i = Monthly interest rate (Annual interest rate divided by 12)
n = Total number of payments (Loan term in years multiplied by 12)
How to Use This Calculator
To get your estimated monthly payment, simply input the following details:
Loan Amount: The total sum of money you intend to borrow.
Annual Interest Rate: The yearly interest rate charged by Mountain America Credit Union for the loan. Remember to enter it as a percentage (e.g., 5.5 for 5.5%).
Loan Term: The duration of the loan, specified in years.
After clicking "Calculate Payment", the calculator will provide an estimated monthly payment amount. This figure represents a principal and interest payment. It does not include potential fees, insurance, or other charges that might be associated with your loan.
Why Use a Loan Calculator?
A loan calculator is an invaluable tool for financial planning. It allows you to:
Budget Effectively: Understand how a particular loan will fit into your monthly budget.
Compare Loan Offers: Easily compare different loan options from Mountain America Credit Union or other lenders by seeing how variations in loan amount, interest rate, and term affect your payment.
Determine Affordability: Assess if you can afford the monthly payments before committing to a loan.
Understand Loan Amortization: Gain insight into how your payments are split between interest and principal over the life of the loan.
Mountain America Credit Union offers a variety of loan products. This calculator provides a general estimate to help you make informed decisions. For precise figures and loan terms, it's always recommended to speak directly with a loan officer at Mountain America Credit Union.
function calculateMonthlyPayment() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTerm = parseFloat(document.getElementById("loanTerm").value);
var monthlyPaymentElement = document.getElementById("monthlyPayment");
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTerm) || loanAmount <= 0 || annualInterestRate < 0 || loanTerm 0) {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle case where interest rate is 0%
monthlyPayment = loanAmount / numberOfPayments;
}
monthlyPaymentElement.textContent = "$" + monthlyPayment.toFixed(2);
monthlyPaymentElement.style.color = "#28a745"; // Success Green
}