Monthly Loan Payment Calculator Student

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Mortgage Repayment Calculator

Estimate your monthly home loan payments and total interest costs.

Estimated Monthly Payment: $0.00
Total Principal Paid: $0.00
Total Interest Paid: $0.00
Total Cost of Loan: $0.00

How to Use the Mortgage Repayment Calculator

Planning your finances is the most critical step in homeownership. Our mortgage repayment calculator helps you understand exactly how much your monthly commitment will be. By adjusting the loan amount, interest rate, and term, you can see how different scenarios impact your budget.

Understanding the Calculation

The calculator uses the standard amortization formula to determine your fixed monthly payment. This payment stays the same throughout the life of the loan, though the proportion of interest versus principal changes over time.

Example Scenario:
If you purchase a home for $400,000 with a $50,000 down payment, your Loan Amount is $350,000. At an Interest Rate of 6% for a 30-Year Term, your estimated monthly payment (principal and interest) would be approximately $2,098.44. Over the life of the loan, you would pay about $405,438 in total interest.

Key Factors That Affect Your Payment

  • Loan Principal: The actual amount you borrow from the bank.
  • Annual Percentage Rate (APR): The cost of borrowing, expressed as a yearly percentage. Even a 0.5% difference can save or cost you tens of thousands of dollars over 30 years.
  • Loan Term: A 15-year mortgage has higher monthly payments but significantly lower total interest compared to a 30-year mortgage.
  • Down Payment: The larger your down payment, the lower your loan amount and monthly payment will be.

Does this include Taxes and Insurance?

Note that this calculator focuses on the Principal and Interest (P&I). In a real-world scenario, your monthly mortgage bill may also include property taxes, homeowners insurance, and potentially private mortgage insurance (PMI) if your down payment is less than 20%.

function calculateMortgage() { var principalInput = document.getElementById("loanAmount"); var rateInput = document.getElementById("interestRate"); var termInput = document.getElementById("loanTerm"); var downInput = document.getElementById("downPayment"); var rawPrincipal = parseFloat(principalInput.value); var downPayment = parseFloat(downInput.value) || 0; var annualRate = parseFloat(rateInput.value); var years = parseFloat(termInput.value); // Validate Input if (isNaN(rawPrincipal) || rawPrincipal <= 0 || isNaN(annualRate) || annualRate < 0 || isNaN(years) || years <= 0) { alert("Please enter valid positive numbers for all fields."); return; } var principal = rawPrincipal – downPayment; if (principal <= 0) { alert("Down payment cannot be greater than or equal to the loan amount."); return; } // Calculation Logic var monthlyRate = (annualRate / 100) / 12; var numberOfPayments = years * 12; var monthlyPayment = 0; if (monthlyRate === 0) { monthlyPayment = principal / numberOfPayments; } else { var x = Math.pow(1 + monthlyRate, numberOfPayments); monthlyPayment = (principal * x * monthlyRate) / (x – 1); } var totalCost = monthlyPayment * numberOfPayments; var totalInterest = totalCost – principal; // Display Results document.getElementById("monthlyPayment").innerText = formatCurrency(monthlyPayment); document.getElementById("totalPrincipal").innerText = formatCurrency(principal); document.getElementById("totalInterest").innerText = formatCurrency(totalInterest); document.getElementById("totalCost").innerText = formatCurrency(totalCost); document.getElementById("resultBox").style.display = "block"; } function formatCurrency(value) { return "$" + value.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 }); }

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