This calculator helps you estimate your monthly student loan payments and the total interest paid over the life of your loan. Understanding these figures can help you budget effectively and make informed decisions about your repayment strategy.
.calculator-container {
font-family: sans-serif;
max-width: 500px;
margin: 20px auto;
padding: 20px;
border: 1px solid #ccc;
border-radius: 8px;
box-shadow: 0 2px 4px rgba(0,0,0,0.1);
}
.calculator-container h2 {
text-align: center;
margin-bottom: 15px;
color: #333;
}
.calculator-container p {
text-align: justify;
margin-bottom: 20px;
line-height: 1.6;
color: #555;
}
.input-section {
margin-bottom: 15px;
display: flex;
align-items: center;
justify-content: space-between;
}
.input-section label {
font-weight: bold;
color: #444;
flex-basis: 60%;
}
.input-section input {
padding: 8px;
border: 1px solid #ddd;
border-radius: 4px;
font-size: 1em;
width: 40%;
}
button {
display: block;
width: 100%;
padding: 10px 15px;
background-color: #007bff;
color: white;
border: none;
border-radius: 5px;
font-size: 1.1em;
cursor: pointer;
transition: background-color 0.3s ease;
margin-top: 10px;
}
button:hover {
background-color: #0056b3;
}
#result {
margin-top: 25px;
padding: 15px;
border-top: 1px solid #eee;
background-color: #f9f9f9;
border-radius: 5px;
text-align: center;
}
#result h3 {
margin-top: 0;
color: #333;
}
#result p {
margin-bottom: 8px;
color: #555;
}
function calculateStudentLoanRepayment() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTerm) || loanAmount <= 0 || annualInterestRate < 0 || loanTerm <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
// Convert annual interest rate to monthly rate
var monthlyInterestRate = annualInterestRate / 100 / 12;
// Convert loan term from years to months
var loanTermMonths = loanTerm * 12;
// Calculate monthly payment using the loan payment formula:
// M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
// Where:
// M = Monthly Payment
// P = Principal Loan Amount
// i = Monthly Interest Rate
// n = Total Number of Payments (loan term in months)
var monthlyPayment;
if (monthlyInterestRate === 0) {
monthlyPayment = loanAmount / loanTermMonths;
} else {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTermMonths)) / (Math.pow(1 + monthlyInterestRate, loanTermMonths) – 1);
}
// Calculate total amount paid
var totalAmountPaid = monthlyPayment * loanTermMonths;
// Calculate total interest paid
var totalInterestPaid = totalAmountPaid – loanAmount;
// Display the results
resultDiv.innerHTML = "