This calculator helps you estimate how much car you can afford based on your desired monthly payment, loan term, and interest rate. Understanding these factors is crucial for making a sound financial decision when purchasing a vehicle.
function calculateCarAffordability() {
var desiredMonthlyPayment = parseFloat(document.getElementById("desiredMonthlyPayment").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTermYears = parseFloat(document.getElementById("loanTermYears").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(desiredMonthlyPayment) || isNaN(annualInterestRate) || isNaN(loanTermYears)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (desiredMonthlyPayment <= 0 || annualInterestRate < 0 || loanTermYears 0) {
maxLoanAmount = desiredMonthlyPayment * (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments)) / monthlyInterestRate;
} else {
// If interest rate is 0, the calculation is simpler: loan amount = monthly payment * number of payments
maxLoanAmount = desiredMonthlyPayment * numberOfPayments;
}
resultDiv.innerHTML = "Based on your inputs, the estimated maximum car price you can afford is: $" + maxLoanAmount.toFixed(2) + "";
}
#car-loan-calculator {
font-family: sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 500px;
margin: 20px auto;
background-color: #f9f9f9;
}
#car-loan-calculator h2 {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.input-section {
margin-bottom: 15px;
}
.input-section label {
display: block;
margin-bottom: 5px;
font-weight: bold;
color: #555;
}
.input-section input[type="number"] {
width: calc(100% – 12px);
padding: 8px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box; /* Include padding and border in the element's total width and height */
}
button {
width: 100%;
padding: 10px 15px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
transition: background-color 0.3s ease;
}
button:hover {
background-color: #0056b3;
}
#result {
margin-top: 20px;
padding: 15px;
border: 1px solid #d4edda;
background-color: #d4edda;
color: #155724;
border-radius: 4px;
text-align: center;
font-size: 1.1em;
}