Chatham Financial Rate Cap Calculator
This calculator helps you understand the potential impact of a rate cap on your Chatham Financial loan. A rate cap limits the maximum interest rate your loan can reach, providing protection against significant increases in market interest rates.
**How it Works:**
The Chatham Financial Rate Cap Calculator takes into account your current loan terms and the specifics of the rate cap to project the maximum possible interest rate you might pay. It helps you visualize the upper boundary of your interest costs, allowing for better financial planning.
**Key Concepts:**
* **Current Interest Rate:** The interest rate on your loan at the present time.
* **Rate Cap Percentage:** The maximum percentage point increase allowed by the rate cap over the initial rate. For example, a 5% cap means your rate cannot go above your initial rate + 5%.
* **Maximum Possible Interest Rate:** This is the highest rate your loan could reach given the rate cap.
function calculateRateCap() {
var currentRate = parseFloat(document.getElementById("currentRate").value);
var rateCapPercentage = parseFloat(document.getElementById("rateCapPercentage").value);
var resultDiv = document.getElementById("result");
if (isNaN(currentRate) || isNaN(rateCapPercentage)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
var maxRate = currentRate + rateCapPercentage;
resultDiv.innerHTML = "The maximum possible interest rate with the rate cap is: " + maxRate.toFixed(2) + "%";
}
.calculator-wrapper {
font-family: Arial, sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 400px;
margin: 20px auto;
background-color: #f9f9f9;
}
.form-group {
margin-bottom: 15px;
}
.form-group label {
display: block;
margin-bottom: 5px;
font-weight: bold;
}
.form-group input[type="number"] {
width: calc(100% – 22px);
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box;
}
button {
background-color: #4CAF50;
color: white;
padding: 10px 15px;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
width: 100%;
}
button:hover {
background-color: #45a049;
}
.result-display {
margin-top: 20px;
padding: 15px;
background-color: #e0ffe0;
border: 1px solid #c0e0c0;
border-radius: 4px;
text-align: center;
font-size: 18px;
}
.result-display strong {
color: #333;
}