Loan Calculator with Down Payment

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Loan Calculator with Down Payment :root { –primary-blue: #004a99; –success-green: #28a745; –light-background: #f8f9fa; –border-color: #dee2e6; –text-color: #343a40; –label-color: #495057; } body { font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif; line-height: 1.6; background-color: #fff; color: var(–text-color); margin: 0; padding: 20px; display: flex; justify-content: center; align-items: flex-start; min-height: 100vh; } .loan-calc-container { background-color: #fff; padding: 30px; border-radius: 8px; box-shadow: 0 4px 20px rgba(0, 0, 0, 0.1); max-width: 700px; width: 100%; display: flex; flex-direction: column; gap: 30px; } h1, h2 { color: var(–primary-blue); text-align: center; margin-bottom: 10px; } .calculator-section { border: 1px solid var(–border-color); border-radius: 6px; padding: 25px; background-color: var(–light-background); } .input-group { margin-bottom: 20px; display: flex; flex-direction: column; gap: 8px; } label { font-weight: 600; color: var(–label-color); font-size: 0.95em; } input[type="number"], input[type="range"] { width: 100%; padding: 12px; border: 1px solid var(–border-color); border-radius: 4px; font-size: 1em; box-sizing: border-box; transition: border-color 0.2s ease-in-out, box-shadow 0.2s ease-in-out; } input[type="number"]:focus, input[type="range"]:focus { border-color: var(–primary-blue); outline: none; box-shadow: 0 0 0 3px rgba(0, 74, 153, 0.2); } input[type="range"] { cursor: pointer; } button { background-color: var(–primary-blue); color: white; border: none; padding: 12px 25px; border-radius: 5px; font-size: 1.1em; font-weight: 600; cursor: pointer; transition: background-color 0.2s ease-in-out, transform 0.1s ease-in-out; margin-top: 10px; width: 100%; } button:hover { background-color: #003c7a; transform: translateY(-1px); } button:active { transform: translateY(0); } #result { background-color: var(–success-green); color: white; padding: 25px; border-radius: 6px; text-align: center; margin-top: 10px; font-size: 1.8em; font-weight: bold; box-shadow: 0 2px 10px rgba(40, 167, 69, 0.3); } .article-section { margin-top: 40px; padding: 30px; background-color: var(–light-background); border-radius: 8px; border: 1px solid var(–border-color); } .article-section h2 { color: var(–primary-blue); text-align: left; margin-bottom: 15px; } .article-section p, .article-section ul { color: var(–text-color); font-size: 0.98em; margin-bottom: 15px; } .article-section ul { padding-left: 25px; } .article-section li { margin-bottom: 8px; } .article-section strong { color: var(–primary-blue); } .note { font-size: 0.85em; color: #6c757d; margin-top: 5px; display: block; } @media (max-width: 768px) { .loan-calc-container { padding: 20px; } button, #result { font-size: 1em; } h1, h2 { font-size: 1.8em; } }

Loan Calculator with Down Payment

Loan Details

Monthly Loan Payment: $0.00

Understanding Your Loan Payment with a Down Payment

This calculator helps you determine the estimated monthly payment for a loan, taking into account the total loan amount, your down payment, the annual interest rate, and the loan term. A down payment is the initial amount of money you pay upfront when taking out a loan, such as for a mortgage, car, or personal loan.

The principal amount you need to borrow is the Total Loan Amount minus your Down Payment. This reduced principal, combined with the interest rate and loan term, dictates your monthly repayment.

How the Calculation Works

The monthly loan payment is calculated using the standard annuity formula. First, we determine the Amount Financed, which is the total loan amount minus the down payment.

Amount Financed (P) = Total Loan Amount – Down Payment

Then, the monthly payment (M) is calculated using the following formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

  • P = Principal loan amount (Amount Financed)
  • i = Monthly interest rate (Annual Interest Rate / 12 / 100)
  • n = Total number of payments (Loan Term in Years * 12)

The calculator applies this formula to provide an accurate estimation of your fixed monthly loan payment.

Why Use a Loan Calculator?

  • Budgeting: Understand how much you can afford to borrow by seeing the impact on your monthly expenses.
  • Comparison: Compare different loan offers from various lenders by inputting their terms.
  • Financial Planning: Plan your finances effectively by knowing your fixed loan obligations.
  • Negotiation: Use the results to negotiate better loan terms with lenders.

Disclaimer: This calculator provides an estimate for informational purposes only. Actual loan payments may vary based on lender fees, loan origination costs, and specific loan terms.

function calculateLoan() { var loanAmount = parseFloat(document.getElementById("loanAmount").value); var downPayment = parseFloat(document.getElementById("downPayment").value); var annualInterestRate = parseFloat(document.getElementById("interestRate").value); var loanTerm = parseFloat(document.getElementById("loanTerm").value); var principal = loanAmount – downPayment; var monthlyInterestRate = (annualInterestRate / 100) / 12; var numberOfPayments = loanTerm * 12; var monthlyPayment = 0; if (isNaN(principal) || principal < 0) { document.getElementById("result").innerText = "Please enter a valid loan amount and down payment."; return; } if (isNaN(monthlyInterestRate) || monthlyInterestRate 0) { monthlyPayment = principal / numberOfPayments; } else { document.getElementById("result").innerText = "Loan term must be at least 1 year for 0% interest."; return; } } else { document.getElementById("result").innerText = "Please enter a valid annual interest rate."; return; } } else if (isNaN(numberOfPayments) || numberOfPayments <= 0) { document.getElementById("result").innerText = "Please enter a valid loan term (in years)."; return; } else { // Standard mortgage payment formula monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1); } if (!isNaN(monthlyPayment) && isFinite(monthlyPayment)) { document.getElementById("result").innerText = "Monthly Loan Payment: $" + monthlyPayment.toFixed(2); } else { document.getElementById("result").innerText = "Calculation Error. Please check your inputs."; } }

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