GEFCU Personal Loan Calculator – Estimate Your Loan Payments
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Your Estimated Loan Details
—
Estimated Monthly Payment
—
Effective APR (incl. fees)
Formula Used: Monthly Payment = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where: P = Principal Loan Amount, i = Monthly Interest Rate (Annual Rate / 12), n = Total Number of Payments (Loan Term in Months).
Total Interest = (Monthly Payment * n) – P. Total Repayment = P + Total Interest.
Monthly breakdown of principal and interest payments over the loan term.
Loan Amortization Schedule (First 5 Payments)
| Payment # |
Payment Date |
Payment Amount |
Principal Paid |
Interest Paid |
Remaining Balance |
What is a GEFCU Personal Loan?
A GEFCU personal loan is a type of installment loan offered by the Golden Eagle Community Federal Credit Union. It provides a lump sum of cash that you repay over a fixed period with a set number of scheduled payments, typically made monthly. These loans are generally unsecured, meaning they don't require collateral like a house or car, making them accessible for various personal needs such as debt consolidation, home improvements, unexpected medical expenses, or major life events like weddings or vacations. GEFCU, as a credit union, is member-owned and operated, often focusing on providing competitive rates and personalized service to its members.
Who Should Use a GEFCU Personal Loan?
You might consider a GEFCU personal loan if you:
- Need funds for a specific, non-recurring expense that isn't covered by savings.
- Want to consolidate high-interest debt from credit cards into a single, manageable monthly payment with a potentially lower interest rate.
- Are a member of GEFCU and are looking for a convenient and trustworthy lending option.
- Prefer a fixed interest rate and predictable payment schedule for easier budgeting.
- Require funds quickly for an emergency or planned significant purchase.
Common Misconceptions About Personal Loans
Several misconceptions surround personal loans. Firstly, not all personal loans are unsecured; some might require collateral, though GEFCU's typically are. Secondly, while they offer fixed payments, the interest rate can be variable depending on the lender and loan terms, though GEFCU often emphasizes fixed rates. Thirdly, it's a myth that you need perfect credit to qualify; credit unions like GEFCU may be more flexible than traditional banks and offer options for those with fair credit. Finally, personal loans are not solely for emergencies; they can be a strategic financial tool for consolidating debt or financing large purchases when used responsibly. Understanding the specific terms offered by GEFCU is crucial to avoid these misconceptions.
GEFCU Personal Loan Calculator Formula and Mathematical Explanation
The GEFCU personal loan calculator uses a standard amortization formula to determine your monthly payment, total interest paid, and total repayment amount. This formula is essential for understanding the true cost of borrowing.
The Amortization Formula
The core of the calculation is the formula for the monthly payment (M) of a loan:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Variable Explanations:
Let's break down each component of the formula:
- P (Principal Loan Amount): This is the initial amount of money you borrow from GEFCU. It's the total sum you receive upfront.
- i (Monthly Interest Rate): This is not the annual rate but the rate applied each month. It's calculated by dividing the Annual Interest Rate by 12. For example, a 7.5% annual rate becomes 0.075 / 12 = 0.00625 monthly.
- n (Total Number of Payments): This is the total number of monthly payments you will make throughout the loan term. It's typically the loan term in months (e.g., 36 months, 60 months).
| Variable |
Meaning |
Unit |
Typical Range |
| P |
Principal Loan Amount |
Currency ($) |
$1,000 – $50,000+ |
| Annual Interest Rate |
Yearly interest percentage |
% |
3% – 25%+ |
| i |
Monthly Interest Rate |
Decimal (Rate/12) |
0.0025 – 0.0208+ |
| n |
Total Number of Payments |
Months |
12 – 84+ |
Calculating Total Interest and Repayment
Once the monthly payment (M) is calculated, determining the total cost is straightforward:
- Total Interest Paid: Calculated as (Monthly Payment * Total Number of Payments) – Principal Loan Amount. This represents the total cost of borrowing money over the life of the loan.
- Total Repayment Amount: This is simply the Principal Loan Amount + Total Interest Paid. It's the total amount of money you will have paid back to GEFCU by the end of the loan term.
The calculator also estimates an "Effective APR," which can be more complex and often includes the impact of loan fees, although for simplicity in this calculator, it's often presented as the stated APR unless specific fee structures are known. For GEFCU personal loans, ensuring you understand any origination fees or other charges is vital.
Practical Examples (Real-World Use Cases)
Example 1: Debt Consolidation
Scenario: Sarah has $15,000 in credit card debt with an average interest rate of 22%. She wants to consolidate this into a GEFCU personal loan to get a lower, fixed rate and a manageable monthly payment. She qualifies for a 60-month personal loan with GEFCU at a 9.99% annual interest rate.
Inputs:
- Loan Amount (P): $15,000
- Annual Interest Rate: 9.99%
- Loan Term: 60 Months (n=60)
Calculations:
- Monthly Interest Rate (i) = 0.0999 / 12 = 0.008325
- Monthly Payment (M) = $15,000 [ 0.008325(1 + 0.008325)^60 ] / [ (1 + 0.008325)^60 – 1] ≈ $331.16
- Total Interest Paid = ($331.16 * 60) – $15,000 ≈ $4,869.60
- Total Repayment Amount = $15,000 + $4,869.60 = $19,869.60
Interpretation: By using a GEFCU personal loan, Sarah replaces high-interest credit card debt with a single, lower-interest loan. She saves significantly on interest payments compared to continuing with her credit cards and has a predictable monthly payment of $331.16 for the next five years.
Example 2: Home Improvement Project
Scenario: David and Maria are planning a kitchen renovation costing $25,000. They decide to take out a GEFCU personal loan to finance the project. They opt for a shorter term to pay it off quicker and secure a 36-month loan at an 8.5% annual interest rate.
Inputs:
- Loan Amount (P): $25,000
- Annual Interest Rate: 8.5%
- Loan Term: 36 Months (n=36)
Calculations:
- Monthly Interest Rate (i) = 0.085 / 12 = 0.007083
- Monthly Payment (M) = $25,000 [ 0.007083(1 + 0.007083)^36 ] / [ (1 + 0.007083)^36 – 1] ≈ $804.60
- Total Interest Paid = ($804.60 * 36) – $25,000 ≈ $3,965.60
- Total Repayment Amount = $25,000 + $3,965.60 = $28,965.60
Interpretation: This GEFCU personal loan allows David and Maria to proceed with their kitchen renovation without depleting their savings. Their monthly obligation is $804.60 for three years, and the total interest cost is manageable for the project's scope. This enables them to improve their home while managing their finances effectively.
How to Use This GEFCU Personal Loan Calculator
This calculator is designed to provide a quick and clear estimate of your potential GEFCU personal loan payments. Follow these simple steps:
Step-by-Step Instructions:
- Enter Loan Amount: Input the total amount of money you plan to borrow in the "Loan Amount ($)" field. Ensure this is the precise sum needed.
- Input Annual Interest Rate: Enter the estimated annual interest rate you expect to receive from GEFCU in the "Annual Interest Rate (%)" field. This is a crucial factor affecting your payment.
- Select Loan Term: Choose the desired repayment period in months from the "Loan Term (Months)" dropdown menu. Shorter terms mean higher monthly payments but less total interest paid, while longer terms result in lower monthly payments but more interest over time.
How to Read Results:
- Estimated Monthly Payment: This is the primary figure, showing how much you'll likely pay each month. Aim for a payment that fits comfortably within your budget.
- Total Interest Paid: This shows the cumulative interest cost over the entire loan term. A lower number indicates a cheaper loan.
- Total Repayment Amount: This is the sum of the principal loan amount and all the interest you'll pay back.
- Effective APR: This gives a more comprehensive view of the loan's cost, potentially including fees.
Decision-Making Guidance:
Use the calculator's results to compare different loan scenarios. For instance, see how changing the interest rate or loan term impacts your monthly payment and total cost. If the estimated monthly payment is too high, consider a longer loan term or a smaller loan amount. If you can afford a higher payment, a shorter term will save you money on interest. Always consult with GEFCU directly for official loan terms, rates, and to understand any associated fees that might affect the actual cost.
Key Factors That Affect GEFCU Personal Loan Results
Several elements significantly influence the terms and cost of a GEFCU personal loan. Understanding these can help you secure better rates and manage your borrowing costs effectively.
-
Credit Score: This is perhaps the most critical factor. A higher credit score (typically 700+) indicates lower risk to the lender, usually resulting in lower interest rates and better loan terms. GEFCU, like other lenders, will assess your creditworthiness.
-
Income and Debt-to-Income Ratio (DTI): Lenders evaluate your ability to repay. A stable income and a low DTI (the percentage of your gross monthly income that goes towards paying monthly debt payments) suggest you can handle additional debt, making you a more attractive borrower.
-
Loan Amount: The total sum you wish to borrow directly impacts your monthly payment and the total interest paid over time. Larger loan amounts generally lead to higher payments and more interest.
-
Loan Term (Repayment Period): A longer term reduces the monthly payment but increases the total interest paid. A shorter term increases the monthly payment but decreases the overall interest cost. Choosing the right term balances affordability and cost.
-
Annual Interest Rate (APR): This is the cost of borrowing money expressed as a yearly percentage. It's heavily influenced by market conditions, your creditworthiness, and the loan type. Even a small difference in the interest rate can lead to substantial savings or costs over the life of the loan.
-
Economic Conditions and Market Rates: Broader economic factors influence interest rate benchmarks. When the Federal Reserve raises rates, personal loan rates tend to follow, increasing the cost of borrowing for everyone.
-
Fees: Some personal loans come with origination fees, late payment fees, or prepayment penalties. These fees increase the overall cost of the loan (often reflected in the APR) and should be carefully considered. GEFCU's fee structure should be reviewed.
Frequently Asked Questions (FAQ)
What is the typical interest rate for a GEFCU personal loan?
Interest rates vary based on your creditworthiness, the loan amount, and the loan term. Generally, GEFCU aims to offer competitive rates to its members. Rates can range from single digits for excellent credit to higher percentages for borrowers with less-than-perfect credit. It's best to check GEFCU's current loan offerings or use the calculator with an estimated rate.
Can I pay off my GEFCU personal loan early?
Many personal loans, including those from credit unions like GEFCU, do not have prepayment penalties, allowing you to pay off the loan early without additional charges. This can save you significant money on interest. Always confirm GEFCU's policy on early repayment.
How long does it take to get approved for a GEFCU personal loan?
Approval times can vary. Some applications may be processed within the same business day, while others might take a few days, especially if additional documentation is required. Factors like the completeness of your application and GEFCU's internal processing times play a role.
What is the maximum loan amount I can get from GEFCU?
Maximum loan amounts depend on GEFCU's lending policies, your creditworthiness, income, and debt-to-income ratio. While the calculator allows up to $50,000, the actual maximum may differ. Contact GEFCU for specific limits.
Do I need to be a GEFCU member to get a personal loan?
Yes, typically you need to be a member of Golden Eagle Community Federal Credit Union to apply for their personal loans. Membership requirements usually involve living, working, or worshipping in specific geographic areas or belonging to an affiliated organization.
How does debt consolidation work with a GEFCU personal loan?
With debt consolidation, you use the funds from a GEFCU personal loan to pay off multiple existing debts, such as credit cards or other loans. You then have only one monthly payment to GEFCU, potentially at a lower interest rate, simplifying your finances and possibly reducing your total interest costs.
What happens if I miss a payment on my GEFCU personal loan?
Missing a payment can result in late fees, damage to your credit score, and potentially a higher interest rate in the future. It's crucial to make payments on time. If you anticipate difficulty, contact GEFCU immediately to discuss potential payment arrangements or hardship options.
Are there any fees associated with GEFCU personal loans?
While GEFCU often offers low-fee products, it's possible there might be an origination fee (a percentage of the loan amount charged upfront) or other service fees. Always inquire about the full fee schedule when applying for a loan.
Related Tools and Internal Resources
// Function to toggle FAQ answers
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} else {
content.style.display = "block";
}
}
// Function to validate input and show error messages
function validateInput(id, min, max, name) {
var input = document.getElementById(id);
var errorElement = document.getElementById(id + 'Error');
var value = parseFloat(input.value);
if (isNaN(value) || input.value.trim() === "") {
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errorElement.style.display = 'block';
return false;
} else {
errorElement.textContent = "";
errorElement.style.display = 'none';
return true;
}
}
// Function to calculate loan details
function calculateLoanDetails() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTermMonths = parseInt(document.getElementById("loanTermMonths").value);
var isValid = true;
isValid = validateInput("loanAmount", 1000, 50000, "Loan Amount") && isValid;
isValid = validateInput("annualInterestRate", 3, 25, "Annual Interest Rate") && isValid;
// No range validation for select, assuming it's handled by options
if (!isValid) {
document.getElementById("monthlyPayment").textContent = "–";
document.getElementById("totalInterest").textContent = "–";
document.getElementById("totalRepayment").textContent = "–";
document.getElementById("effectiveAPR").textContent = "–";
clearChartAndTable();
return;
}
var monthlyInterestRate = annualInterestRate / 100 / 12;
var monthlyPayment = 0;
var totalInterest = 0;
var totalRepayment = 0;
var effectiveAPR = annualInterestRate; // Placeholder, real APR calculation might include fees
if (monthlyInterestRate > 0) {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTermMonths)) / (Math.pow(1 + monthlyInterestRate, loanTermMonths) – 1);
} else {
monthlyPayment = loanAmount / loanTermMonths; // Simple division if interest rate is 0
}
monthlyPayment = Math.round(monthlyPayment * 100) / 100;
totalRepayment = monthlyPayment * loanTermMonths;
totalInterest = totalRepayment – loanAmount;
totalInterest = Math.round(totalInterest * 100) / 100;
totalRepayment = Math.round(totalRepayment * 100) / 100;
document.getElementById("monthlyPayment").textContent = "$" + monthlyPayment.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 });
document.getElementById("totalInterest").textContent = "$" + totalInterest.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 });
document.getElementById("totalRepayment").textContent = "$" + totalRepayment.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 });
document.getElementById("effectiveAPR").textContent = effectiveAPR.toFixed(2) + "%";
updateChartAndTable(loanAmount, monthlyInterestRate, loanTermMonths, monthlyPayment);
}
// Function to clear chart and table
function clearChartAndTable() {
var canvas = document.getElementById('loanAmortizationChart');
var ctx = canvas.getContext('2d');
ctx.clearRect(0, 0, canvas.width, canvas.height);
var tableBody = document.querySelector("#amortizationTable tbody");
tableBody.innerHTML = '
| Enter loan details to see schedule. |
';
}
// Function to update chart and table
function updateChartAndTable(principal, monthlyRate, term, monthlyPayment) {
var canvas = document.getElementById('loanAmortizationChart');
var ctx = canvas.getContext('2d');
canvas.width = canvas.offsetWidth; // Adjust canvas size
canvas.height = canvas.offsetHeight;
var tableBody = document.querySelector("#amortizationTable tbody");
tableBody.innerHTML = "; // Clear previous data
var remainingBalance = principal;
var interestPaidTotal = 0;
var principalPaidTotal = 0;
var chartDataInterest = [];
var chartDataPrincipal = [];
var chartLabels = [];
var today = new Date();
var maxTableRows = 5;
for (var i = 1; i <= term; i++) {
var interestPayment = remainingBalance * monthlyRate;
var principalPayment = monthlyPayment – interestPayment;
// Adjust last payment if necessary due to rounding
if (i === term) {
principalPayment = remainingBalance;
monthlyPayment = principalPayment + interestPayment;
}
remainingBalance -= principalPayment;
interestPaidTotal += interestPayment;
principalPaidTotal += principalPayment;
// Ensure remaining balance doesn't go negative due to rounding
if (remainingBalance < 0.01) {
remainingBalance = 0;
}
// Populate table for first few rows
if (i <= maxTableRows) {
var row = tableBody.insertRow();
var paymentDate = new Date(today);
paymentDate.setMonth(today.getMonth() + i);
var formattedDate = paymentDate.toLocaleDateString('en-US', { year: 'numeric', month: 'short', day: 'numeric' });
row.insertCell(0).textContent = i;
row.insertCell(1).textContent = formattedDate;
row.insertCell(2).textContent = "$" + monthlyPayment.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 });
row.insertCell(3).textContent = "$" + principalPayment.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 });
row.insertCell(4).textContent = "$" + interestPayment.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 });
row.insertCell(5).textContent = "$" + remainingBalance.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 });
}
// Collect data for chart
chartLabels.push('Payment ' + i);
chartDataPrincipal.push(principalPayment);
chartDataInterest.push(interestPayment);
if (remainingBalance === 0) break; // Stop if loan is paid off early
}
// Update table caption if fewer than maxTableRows are shown
var caption = document.querySelector("#amortizationTable .table-caption");
if (i <= maxTableRows) {
caption.textContent = "Loan Amortization Schedule (All " + (i-1) + " Payments)";
} else {
caption.textContent = "Loan Amortization Schedule (First " + maxTableRows + " Payments)";
}
// Draw chart
drawChart(ctx, chartLabels.slice(0, Math.min(term, 12)), chartDataPrincipal.slice(0, Math.min(term, 12)), chartDataInterest.slice(0, Math.min(term, 12)));
}
// Function to draw the chart using Canvas API
function drawChart(ctx, labels, dataPrincipal, dataInterest) {
var chartAreaWidth = ctx.canvas.width – 40; // Subtract padding
var chartAreaHeight = ctx.canvas.height – 60; // Subtract padding and title space
var barWidth = chartAreaWidth / (labels.length * 2);
var barGap = barWidth;
var maxDataValue = Math.max(…dataPrincipal, …dataInterest, 1); // Ensure maxDataValue is at least 1
ctx.clearRect(0, 0, ctx.canvas.width, ctx.canvas.height); // Clear previous drawing
// Draw Title
ctx.fillStyle = '#004a99';
ctx.font = 'bold 16px Segoe UI, Tahoma, Geneva, Verdana, sans-serif';
ctx.textAlign = 'center';
ctx.fillText('Principal vs. Interest Payments', ctx.canvas.width / 2, 25);
// Draw X-axis Labels
ctx.fillStyle = '#333';
ctx.font = '12px Segoe UI, Tahoma, Geneva, Verdana, sans-serif';
labels.forEach(function(label, index) {
var x = 20 + (barWidth + barGap) * index + barWidth / 2;
ctx.fillText(label, x, chartAreaHeight + 45);
});
// Draw Y-axis Labels and Grid Lines
var numGridLines = 5;
for (var i = 0; i <= numGridLines; i++) {
var value = Math.round(maxDataValue * (i / numGridLines) * 100) / 100;
var y = chartAreaHeight – (chartAreaHeight * (i / numGridLines));
// Y-axis label
ctx.fillStyle = '#666';
ctx.textAlign = 'right';
ctx.fillText('$' + value.toLocaleString(undefined, { minimumFractionDigits: 0, maximumFractionDigits: 0 }), 15, y + 5);
// Grid line
ctx.strokeStyle = '#eee';
ctx.lineWidth = 1;
ctx.beginPath();
ctx.moveTo(20, y);
ctx.lineTo(chartAreaWidth + 20, y);
ctx.stroke();
}
// Draw Bars (Principal)
ctx.fillStyle = '#007bff'; // Primary blue
dataPrincipal.forEach(function(value, index) {
var barHeight = (value / maxDataValue) * chartAreaHeight;
var x = 20 + (barWidth + barGap) * index;
var y = chartAreaHeight – barHeight + 30; // Adjust for Y-axis labels position
ctx.fillRect(x, y, barWidth, barHeight);
});
// Draw Bars (Interest)
ctx.fillStyle = '#28a745'; // Success green
dataInterest.forEach(function(value, index) {
var barHeight = (value / maxDataValue) * chartAreaHeight;
var x = 20 + (barWidth + barGap) * index + barWidth; // Offset for interest bar
var y = chartAreaHeight – barHeight + 30; // Adjust for Y-axis labels position
ctx.fillRect(x, y, barWidth, barHeight);
});
// Draw Legend
ctx.font = '12px Segoe UI, Tahoma, Geneva, Verdana, sans-serif';
ctx.textAlign = 'left';
// Principal Legend
ctx.fillStyle = '#007bff';
ctx.fillRect(chartAreaWidth – 120, 30, 15, 10);
ctx.fillStyle = '#333';
ctx.fillText('Principal', chartAreaWidth – 100, 40);
// Interest Legend
ctx.fillStyle = '#28a745';
ctx.fillRect(chartAreaWidth – 120, 50, 15, 10);
ctx.fillStyle = '#333';
ctx.fillText('Interest', chartAreaWidth – 100, 60);
}
// Function to copy results to clipboard
function copyResults() {
var monthlyPayment = document.getElementById("monthlyPayment").textContent;
var totalInterest = document.getElementById("totalInterest").textContent;
var totalRepayment = document.getElementById("totalRepayment").textContent;
var effectiveAPR = document.getElementById("effectiveAPR").textContent;
var loanAmount = document.getElementById("loanAmount").value;
var annualInterestRate = document.getElementById("annualInterestRate").value;
var loanTermMonths = document.getElementById("loanTermMonths").value;
var assumptions = "Assumptions:\n" +
"- Loan Amount: $" + parseFloat(loanAmount).toLocaleString() + "\n" +
"- Annual Interest Rate: " + parseFloat(annualInterestRate).toFixed(2) + "%\n" +
"- Loan Term: " + loanTermMonths + " months\n\n";
var resultsText = "GEFCU Personal Loan Calculator Results:\n" +
"———————————-\n" +
"Estimated Monthly Payment: " + monthlyPayment + "\n" +
"Total Interest Paid: " + totalInterest + "\n" +
"Total Repayment Amount: " + totalRepayment + "\n" +
"Effective APR: " + effectiveAPR + "\n\n" +
assumptions;
// Use a temporary textarea to copy text
var textArea = document.createElement("textarea");
textArea.value = resultsText;
textArea.style.position = "fixed"; // Avoid scrolling to bottom of page
textArea.style.left = "-9999px";
textArea.style.top = "-9999px";
document.body.appendChild(textArea);
textArea.focus();
textArea.select();
try {
var successful = document.execCommand('copy');
var msg = successful ? 'Results copied to clipboard!' : 'Copying failed.';
// Optional: Show a temporary message to the user
var copyButton = document.getElementById('copyBtn');
copyButton.textContent = msg;
setTimeout(function() {
copyButton.textContent = 'Copy Results';
}, 2000);
} catch (err) {
console.error('Fallback: Oops, unable to copy', err);
var copyButton = document.getElementById('copyBtn');
copyButton.textContent = 'Copy Failed';
setTimeout(function() {
copyButton.textContent = 'Copy Results';
}, 2000);
}
document.body.removeChild(textArea);
}
// Function to reset inputs to default values
function resetCalculator() {
document.getElementById("loanAmount").value = "10000";
document.getElementById("annualInterestRate").value = "7.5";
document.getElementById("loanTermMonths").value = "36";
// Clear error messages
var errorElements = document.querySelectorAll('.error-message');
for (var i = 0; i < errorElements.length; i++) {
errorElements[i].textContent = "";
errorElements[i].style.display = 'none';
}
calculateLoanDetails(); // Recalculate with default values
}
// Event listeners
document.getElementById("loanAmount").addEventListener("input", calculateLoanDetails);
document.getElementById("annualInterestRate").addEventListener("input", calculateLoanDetails);
document.getElementById("loanTermMonths").addEventListener("change", calculateLoanDetails);
document.getElementById("resetBtn").addEventListener("click", resetCalculator);
document.getElementById("copyBtn").addEventListener("click", copyResults);
// Initial calculation on page load
window.onload = function() {
calculateLoanDetails();
// Adjust canvas size on load and resize
var canvas = document.getElementById('loanAmortizationChart');
canvas.width = canvas.offsetWidth;
canvas.height = canvas.offsetHeight;
};
window.onresize = function() {
calculateLoanDetails(); // Recalculate to redraw chart with new dimensions
var canvas = document.getElementById('loanAmortizationChart');
canvas.width = canvas.offsetWidth;
canvas.height = canvas.offsetHeight;
};