A cash rate calculator helps you understand how changes in the central bank's cash rate might affect your mortgage repayments. The cash rate is the target interest rate set by a country's central bank for overnight loans between commercial banks. When the cash rate changes, it influences other interest rates throughout the economy, including those for mortgages.
Impact Analysis:
Current Estimated Monthly Payment: N/A
New Estimated Monthly Payment: N/A
Monthly Payment Difference: N/A
Total Interest Saved/Paid Difference: N/A
function calculateCashRateImpact() {
var currentCashRate = parseFloat(document.getElementById("currentCashRate").value);
var newCashRate = parseFloat(document.getElementById("newCashRate").value);
var mortgageBalance = parseFloat(document.getElementById("mortgageBalance").value);
var loanTermYears = parseInt(document.getElementById("loanTermYears").value);
var loanTermMonths = parseInt(document.getElementById("loanTermMonths").value);
var resultDiv = document.getElementById("result");
var currentMonthlyPaymentP = document.getElementById("currentMonthlyPayment");
var newMonthlyPaymentP = document.getElementById("newMonthlyPayment");
var monthlyPaymentDifferenceP = document.getElementById("monthlyPaymentDifference");
var totalInterestDifferenceP = document.getElementById("totalInterestDifference");
if (isNaN(currentCashRate) || isNaN(newCashRate) || isNaN(mortgageBalance) || isNaN(loanTermYears) || isNaN(loanTermMonths) || mortgageBalance <= 0 || loanTermYears < 0 || loanTermMonths < 0) {
resultDiv.innerHTML = "
Impact Analysis:
Please enter valid numbers for all fields.";
return;
}
// We'll assume the mortgage interest rate is a fixed spread above the cash rate for simplicity.
// In reality, this spread can vary. Let's use a hypothetical spread of 2%.
var spread = 2.0;
var currentMortgageRate = currentCashRate + spread;
var newMortgageRate = newCashRate + spread;
var totalLoanMonths = (loanTermYears * 12) + loanTermMonths;
// Function to calculate monthly mortgage payment using the amortization formula
function calculateMonthlyPayment(principal, annualRatePercent, termMonths) {
if (termMonths = 0) {
monthlyPaymentDifferenceP.textContent = "Monthly Payment Increase: $" + monthlyPaymentDifference.toFixed(2);
totalInterestDifferenceP.textContent = "Total Additional Interest Paid: $" + totalInterestDifference.toFixed(2);
} else {
monthlyPaymentDifferenceP.textContent = "Monthly Payment Decrease: $" + Math.abs(monthlyPaymentDifference).toFixed(2);
totalInterestDifferenceP.textContent = "Total Interest Saved: $" + Math.abs(totalInterestDifference).toFixed(2);
}
}
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border-radius: 8px;
max-width: 500px;
margin: 20px auto;
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.calculator-container h2 {
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#result h3 {
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#result p {
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}