Calculate your estimated monthly loan payment for various AFCU loan types.
Your estimated monthly payment is: $0.00
Understanding Your AFCU Loan Payment
This calculator helps you estimate the monthly payment for a loan from Alliant Credit Union (AFCU).
Understanding your potential loan payments is a crucial step in financial planning, whether you're considering a
personal loan, auto loan, or other financing options. The calculation is based on the principal loan amount,
the annual interest rate, and the loan term.
How the Calculation Works
The standard formula for calculating a fixed monthly loan payment (often called an amortizing loan) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly mortgage payment
P = The principal loan amount (the amount you borrow)
i = Your monthly interest rate (annual rate divided by 12)
n = The total number of payments over the loan's lifetime (loan term in years multiplied by 12)
This calculator uses these inputs to provide an estimated monthly payment. It does not include potential
fees, insurance, or other charges that might be part of your actual loan agreement with AFCU.
Key Factors to Consider:
Loan Amount (Principal): This is the total amount you are borrowing. A higher principal means higher monthly payments.
Annual Interest Rate: This is the percentage charged by AFCU on the loan. A lower interest rate means lower monthly payments and less interest paid over time.
Loan Term (Years): This is the duration over which you will repay the loan. A longer term typically results in lower monthly payments but more total interest paid. A shorter term means higher monthly payments but less overall interest.
Why Use This Calculator?
AFCU offers a variety of loan products, including auto loans, personal loans, and more. This tool is designed to give you a quick and easy way to:
Budget Effectively: Understand how different loan amounts, rates, and terms fit into your monthly budget.
Compare Loan Options: Get a clearer picture of potential payments when exploring different loan scenarios.
Make Informed Decisions: Empower yourself with estimates before applying for a loan.
Remember, this is an estimation tool. For exact figures and loan terms, please consult directly with Alliant Credit Union.
function calculateLoanPayment() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseFloat(document.getElementById("loanTerm").value);
var monthlyPayment = document.getElementById("monthlyPayment");
// Input validation
if (isNaN(loanAmount) || loanAmount <= 0) {
alert("Please enter a valid loan amount.");
monthlyPayment.textContent = "$0.00";
return;
}
if (isNaN(interestRate) || interestRate < 0) {
alert("Please enter a valid annual interest rate.");
monthlyPayment.textContent = "$0.00";
return;
}
if (isNaN(loanTerm) || loanTerm 0) {
payment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle case where interest rate is 0%
payment = loanAmount / numberOfPayments;
}
monthlyPayment.textContent = "$" + payment.toFixed(2);
}