Student Loan Repayment Calculator
This calculator helps you estimate your monthly student loan payments and the total interest you'll pay over the life of your loan. Understanding these figures can help you budget effectively and make informed decisions about your repayment strategy.
.calculator-container {
font-family: Arial, sans-serif;
max-width: 600px;
margin: 20px auto;
padding: 20px;
border: 1px solid #ccc;
border-radius: 8px;
background-color: #f9f9f9;
}
.calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 15px;
}
.calculator-container p {
text-align: justify;
color: #555;
line-height: 1.6;
margin-bottom: 25px;
}
.calculator-form .form-group {
margin-bottom: 15px;
display: flex;
flex-direction: column;
}
.calculator-form label {
margin-bottom: 5px;
font-weight: bold;
color: #444;
}
.calculator-form input[type="number"] {
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
width: calc(100% – 22px); /* Adjust for padding and border */
}
.calculator-form button {
background-color: #007bff;
color: white;
padding: 12px 20px;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
transition: background-color 0.3s ease;
width: 100%;
}
.calculator-form button:hover {
background-color: #0056b3;
}
.calculator-result {
margin-top: 25px;
padding: 15px;
border: 1px solid #ddd;
border-radius: 4px;
background-color: #e9ecef;
text-align: center;
}
.calculator-result p {
margin: 5px 0;
font-size: 1.1em;
color: #333;
}
.calculator-result strong {
color: #007bff;
}
function calculateStudentLoan() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("interestRate").value);
var loanTermYears = parseInt(document.getElementById("loanTerm").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = "; // Clear previous results
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTermYears) || loanAmount <= 0 || annualInterestRate < 0 || loanTermYears <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var monthlyInterestRate = (annualInterestRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment;
var totalInterestPaid;
// Standard Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
// Where:
// M = Monthly Payment
// P = Principal Loan Amount
// i = Monthly Interest Rate
// n = Total Number of Payments
if (monthlyInterestRate === 0) {
monthlyPayment = loanAmount / numberOfPayments;
totalInterestPaid = 0;
} else {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
totalInterestPaid = (monthlyPayment * numberOfPayments) – loanAmount;
}
// Rounding to two decimal places
monthlyPayment = monthlyPayment.toFixed(2);
totalInterestPaid = totalInterestPaid.toFixed(2);
resultDiv.innerHTML =
"Estimated Monthly Payment:
$" + monthlyPayment + "" +
"Total Interest Paid:
$" + totalInterestPaid + "";
}