Loan Estimator Calculator
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: #f8f9fa;
color: #333;
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 #e0e0e0;
}
h1, h2 {
color: #004a99;
text-align: center;
margin-bottom: 25px;
}
.input-group {
margin-bottom: 20px;
display: flex;
align-items: center;
flex-wrap: wrap; /* For responsiveness */
}
.input-group label {
flex: 0 0 180px; /* Fixed width for labels */
margin-right: 15px;
font-weight: 500;
color: #555;
text-align: right; /* Align labels to the right */
}
.input-group input[type="number"],
.input-group input[type="range"] {
flex: 1; /* Takes up remaining space */
padding: 10px 12px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 1rem;
min-width: 150px; /* Minimum width for inputs */
}
.input-group input[type="range"] {
cursor: pointer;
padding: 5px 0; /* Adjust padding for range */
background: transparent;
box-shadow: none;
}
.input-group input[type="range"]::-webkit-slider-thumb {
appearance: none;
width: 20px;
height: 20px;
background: #004a99;
cursor: pointer;
border-radius: 50%;
margin-top: -8px; /* Center thumb on track */
}
.input-group input[type="range"]::-moz-range-thumb {
width: 20px;
height: 20px;
background: #004a99;
cursor: pointer;
border-radius: 50%;
}
.input-group input[type="range"]::-ms-thumb {
width: 20px;
height: 20px;
background: #004a99;
cursor: pointer;
border-radius: 50%;
}
.input-group input[type="range"]::-webkit-slider-runnable-track {
width: 100%;
height: 8px;
cursor: pointer;
background: #ddd;
border-radius: 4px;
}
.input-group input[type="range"]::-moz-range-track {
width: 100%;
height: 8px;
cursor: pointer;
background: #ddd;
border-radius: 4px;
}
.input-group input[type="range"]::-ms-track {
width: 100%;
height: 8px;
cursor: pointer;
background: #ddd;
border-radius: 4px;
}
.input-group span.unit {
margin-left: 10px;
font-weight: bold;
color: #004a99;
}
.button-group {
text-align: center;
margin-top: 30px;
margin-bottom: 30px;
}
button {
background-color: #004a99;
color: white;
padding: 12px 25px;
border: none;
border-radius: 5px;
font-size: 1.1rem;
cursor: pointer;
transition: background-color 0.3s ease;
font-weight: bold;
}
button:hover {
background-color: #003366;
}
#result {
margin-top: 30px;
padding: 25px;
background-color: #e7f3ff; /* Light success green */
border-left: 5px solid #28a745; /* Success green accent */
border-radius: 5px;
text-align: center;
font-size: 1.3rem;
font-weight: bold;
color: #004a99;
}
#result p {
margin: 5px 0;
}
.article-section {
margin-top: 40px;
padding-top: 30px;
border-top: 1px solid #eee;
}
.article-section h2 {
text-align: left;
margin-bottom: 15px;
color: #004a99;
}
.article-section p, .article-section ul, .article-section li {
margin-bottom: 15px;
color: #555;
}
.article-section li {
margin-left: 20px;
}
.calculator-title {
font-size: 2.2rem;
margin-bottom: 20px;
font-weight: 600;
color: #004a99;
}
/* Responsive adjustments */
@media (max-width: 768px) {
.input-group {
flex-direction: column;
align-items: stretch; /* Stretch items to full width */
}
.input-group label {
flex: none; /* Reset flex basis */
width: auto; /* Auto width */
text-align: left; /* Align labels to the left */
margin-bottom: 8px;
font-size: 0.95rem;
}
.input-group input[type="number"],
.input-group input[type="range"] {
width: 100%; /* Full width for inputs */
box-sizing: border-box; /* Include padding and border in the element's total width */
}
.input-group span.unit {
margin-left: 0;
margin-top: 5px;
}
.loan-calc-container {
padding: 20px;
}
button {
font-size: 1rem;
padding: 10px 20px;
}
#result {
font-size: 1.1rem;
}
}
Loan Estimator Calculator
Loan Amount ($):
Annual Interest Rate (%):
Loan Term (Years):
15 years
Estimate Monthly Payment
Your estimated monthly loan payment is:
$0.00
Understanding Your Loan Estimate
This loan estimator calculator provides an estimate of your monthly loan repayment based on the loan amount, annual interest rate, and loan term. It uses a standard formula to calculate the principal and interest portion of your payment. Keep in mind that this calculation typically does not include other potential costs like property taxes, homeowner's insurance (if applicable), or private mortgage insurance (PMI), which would increase your total monthly housing expense.
How it Works: The Loan Payment Formula
The calculator employs the standard annuity formula to determine the fixed monthly payment (M) for an amortizing loan. The formula is as follows:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly loan payment (principal and interest)P = The principal loan amount (the total amount you borrow)i = Your monthly interest rate (annual rate divided by 12)n = The total number of payments over the loan's lifetime (loan term in years multiplied by 12)
Example Calculation:
Let's estimate the monthly payment for a loan with the following details:
Loan Amount (P): $200,000Annual Interest Rate: 6.0%Loan Term: 30 years
First, we convert the annual interest rate to a monthly interest rate (i):
i = 6.0% / 12 = 0.06 / 12 = 0.005
Next, we calculate the total number of payments (n):
n = 30 years * 12 months/year = 360 payments
Now, we plug these values into the formula:
M = 200,000 [ 0.005(1 + 0.005)^360 ] / [ (1 + 0.005)^360 – 1]
Calculating the terms:
(1 + 0.005)^360 ≈ 6.022575
M = 200,000 [ 0.005 * 6.022575 ] / [ 6.022575 – 1]
M = 200,000 [ 0.030112875 ] / [ 5.022575 ]
M = 200,000 * 0.0060035
M ≈ $1,200.70
Therefore, the estimated monthly principal and interest payment for this loan would be approximately $1,200.70.
When to Use a Loan Estimator
A loan estimator is a valuable tool for:
Budgeting: Understanding the potential monthly cost of borrowing money for a mortgage, car, or personal loan.Comparing Loans: Evaluating different loan offers from various lenders by seeing how changes in interest rate or term affect the monthly payment.Financial Planning: Determining how much you can realistically afford to borrow based on your current income and expenses.Pre-qualification: Getting a ballpark figure before formally applying for a loan.
Always remember to consult with a financial advisor or lender for precise figures and to discuss all associated costs and terms.
function updateLoanTermSlider(value) {
var slider = document.getElementById('loanTerm');
slider.value = value;
document.getElementById('loanTermValue').innerText = value + ' years';
}
function formatCurrency(amount) {
return "$" + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
function calculateLoan() {
var loanAmount = parseFloat(document.getElementById('loanAmount').value);
var annualInterestRate = parseFloat(document.getElementById('interestRate').value);
var loanTermYears = parseFloat(document.getElementById('loanTerm').value);
var resultDiv = document.getElementById('result');
var resultParagraphs = resultDiv.getElementsByTagName('p');
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTermYears) ||
loanAmount <= 0 || annualInterestRate < 0 || loanTermYears <= 0) {
resultParagraphs[1].innerHTML = "Please enter valid numbers greater than zero for all fields.";
resultParagraphs[1].style.color = "#dc3545"; // Red color for error
return;
}
var monthlyInterestRate = annualInterestRate / 100 / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment;
if (monthlyInterestRate === 0) {
monthlyPayment = loanAmount / numberOfPayments;
} else {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
}
resultParagraphs[1].innerHTML = formatCurrency(monthlyPayment);
resultParagraphs[1].style.color = "#28a745"; // Success green color
}