Loan Payment Calculator
:root {
–primary-blue: #004a99;
–success-green: #28a745;
–light-background: #f8f9fa;
–text-color: #333;
–border-color: #ccc;
}
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: var(–light-background);
color: var(–text-color);
line-height: 1.6;
margin: 0;
padding: 20px;
}
.loan-calc-container {
max-width: 700px;
margin: 30px auto;
background-color: #fff;
padding: 30px;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
border: 1px solid var(–border-color);
}
h1, h2 {
color: var(–primary-blue);
text-align: center;
margin-bottom: 20px;
}
.input-group {
margin-bottom: 20px;
display: flex;
flex-direction: column;
}
.input-group label {
font-weight: bold;
margin-bottom: 8px;
color: var(–primary-blue);
}
.input-group input[type="number"],
.input-group input[type="text"] {
padding: 12px;
border: 1px solid var(–border-color);
border-radius: 4px;
font-size: 1rem;
width: 100%;
box-sizing: border-box; /* Include padding and border in the element's total width and height */
}
.input-group input[type="number"]:focus,
.input-group input[type="text"]:focus {
border-color: var(–primary-blue);
outline: none;
box-shadow: 0 0 0 2px rgba(0, 74, 153, 0.2);
}
button {
background-color: var(–primary-blue);
color: white;
padding: 12px 25px;
border: none;
border-radius: 4px;
font-size: 1.1rem;
cursor: pointer;
transition: background-color 0.3s ease;
width: 100%;
margin-top: 10px;
}
button:hover {
background-color: #003366;
}
.result-section {
margin-top: 30px;
padding: 25px;
background-color: var(–success-green);
color: white;
border-radius: 8px;
text-align: center;
box-shadow: inset 0 2px 5px rgba(0, 0, 0, 0.1);
}
.result-section h3 {
margin-top: 0;
color: white;
}
.result-value {
font-size: 2.2rem;
font-weight: bold;
margin-top: 10px;
display: block; /* Ensures it takes its own line */
}
.article-section {
margin-top: 40px;
padding-top: 20px;
border-top: 1px solid var(–border-color);
}
.article-section h2 {
margin-bottom: 15px;
}
.article-section p, .article-section ul {
margin-bottom: 15px;
}
.article-section li {
margin-bottom: 8px;
}
/* Responsive adjustments */
@media (max-width: 600px) {
.loan-calc-container {
padding: 20px;
}
button {
font-size: 1rem;
padding: 10px 20px;
}
.result-value {
font-size: 1.8rem;
}
}
Loan Payment Calculator
Your Estimated Monthly Payment:
$0.00
Understanding Your Loan Payments
A loan payment calculator is an essential tool for anyone planning to borrow money, whether it's for a mortgage, auto loan, personal loan, or business financing. It helps you estimate your regular repayment amount, making it easier to budget and compare different loan offers. The calculation is based on the principal loan amount, the interest rate, and the loan term.
The Math Behind the Calculation
The standard formula used to calculate the monthly payment (M) for an amortizing loan is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
- P is the principal loan amount (the total amount borrowed).
- i is the monthly interest rate. This is calculated by dividing the annual interest rate by 12 (i.e., annual rate / 12).
- n is the total number of payments over the loan's lifetime. This is calculated by multiplying the loan term in years by 12 (i.e., loan term in years * 12).
How to Use the Calculator
- Loan Amount: Enter the total sum of money you intend to borrow.
- Annual Interest Rate: Input the yearly interest rate as a percentage (e.g., 5.5 for 5.5%).
- Loan Term (Years): Specify the duration of the loan in years (e.g., 30 for a 30-year mortgage).
- Calculate Payment: Click the button to see your estimated monthly payment.
Why This is Important
Understanding your monthly loan payment is crucial for financial planning. It directly impacts your monthly budget and your overall cost of borrowing. By using this calculator, you can:
- Budget Effectively: Know exactly how much to set aside each month.
- Compare Offers: Easily evaluate different loan products from various lenders. Even a small difference in interest rate or term can significantly alter your monthly payment and total interest paid.
- Assess Affordability: Determine if a loan is within your financial reach before committing.
- Plan for the Future: Understand the long-term financial commitment involved with a loan.
Remember that this calculator provides an estimate. Actual loan payments might vary slightly due to lender-specific fees, exact calculation methods, or adjustments in interest rates for variable-rate loans. Always consult with your lender for precise figures.
function calculateLoanPayment() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("annualInterestRate").value);
var years = parseFloat(document.getElementById("loanTermYears").value);
var resultSection = document.getElementById("result-section");
var monthlyPaymentResult = document.getElementById("monthlyPaymentResult");
// Input validation
if (isNaN(principal) || principal <= 0) {
alert("Please enter a valid loan amount greater than zero.");
resultSection.style.display = 'none';
return;
}
if (isNaN(annualRate) || annualRate < 0) {
alert("Please enter a valid annual interest rate (0 or greater).");
resultSection.style.display = 'none';
return;
}
if (isNaN(years) || years <= 0) {
alert("Please enter a valid loan term in years greater than zero.");
resultSection.style.display = 'none';
return;
}
// Convert annual rate to monthly rate and years to months
var monthlyRate = annualRate / 100 / 12;
var numberOfPayments = years * 12;
var monthlyPayment;
// Handle the case where interest rate is 0
if (monthlyRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
// Calculate monthly payment using the loan payment formula
var
numerator = principal * monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments);
var denominator = Math.pow(1 + monthlyRate, numberOfPayments) – 1;
monthlyPayment = numerator / denominator;
}
// Format the result to two decimal places and display it
monthlyPaymentResult.innerText = "$" + monthlyPayment.toFixed(2);
resultSection.style.display = 'block';
}