Dreaming of the open road on a new Harley-Davidson? Financing is a common way to make that dream a reality. This calculator helps you estimate your potential monthly payments, allowing you to budget effectively and make informed decisions about your motorcycle purchase.
How the Calculation Works
The calculator uses the standard loan amortization formula to determine your estimated monthly payment. The formula takes into account:
Motorcycle Price: The total cost of the Harley-Davidson you intend to purchase.
Down Payment: The upfront amount you pay, reducing the total loan amount.
Loan Term: The duration of the loan, measured in months. A longer term usually means lower monthly payments but more interest paid overall.
Annual Interest Rate: The yearly percentage charged by the lender. This is a crucial factor in your total cost.
The core of the calculation is the following formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly payment
P = The principal loan amount (Motorcycle Price – Down Payment)
i = Your monthly interest rate (Annual Interest Rate / 12 / 100)
n = The total number of payments (Loan Term in months)
Why Use This Calculator?
A Harley-Davidson is a significant investment. Understanding your potential monthly outlay is essential for responsible financial planning. This calculator can help you:
Budgeting: Determine if the monthly payments fit comfortably within your budget.
Compare Loans: Estimate payments with different interest rates or loan terms to see the impact.
Negotiation: Go into dealer discussions with a clearer idea of what financing costs look like.
Down Payment Strategy: See how a larger down payment can reduce your monthly costs and the total interest paid.
Disclaimer: This calculator provides an estimate only. Actual loan offers may vary based on your creditworthiness, lender policies, and specific financing terms. It does not include taxes, dealer fees, or other potential costs associated with purchasing a motorcycle. Always consult with your lender for a precise loan quote.
function calculatePayment() {
var motorcyclePrice = parseFloat(document.getElementById("motorcyclePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var resultElement = document.getElementById("result");
if (isNaN(motorcyclePrice) || motorcyclePrice <= 0 ||
isNaN(downPayment) || downPayment < 0 ||
isNaN(loanTerm) || loanTerm <= 0 ||
isNaN(annualInterestRate) || annualInterestRate < 0) {
resultElement.innerHTML = "Please enter valid numbers for all fields.";
return;
}
var loanAmount = motorcyclePrice – downPayment;
if (loanAmount 0) {
// Standard amortization formula
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// If interest rate is 0, payment is simply loan amount divided by number of payments
if (numberOfPayments > 0) {
monthlyPayment = loanAmount / numberOfPayments;
} else {
monthlyPayment = loanAmount; // If 0 payments, pay it all at once
}
}
// Check for infinite or NaN results (can happen with certain edge cases like 0 loan amount and 0 rate)
if (!isFinite(monthlyPayment) || isNaN(monthlyPayment)) {
if (loanAmount === 0) {
monthlyPayment = 0; // If loan amount is 0, payment is 0
} else {
resultElement.innerHTML = "Calculation Error. Please check inputs.";
return;
}
}
resultElement.innerHTML = "Monthly Payment: $" + monthlyPayment.toFixed(2) +
"Based on your inputs";
}