Pensford Rate Cap Calculator
The Pensford rate cap is a mechanism designed to limit the maximum allowable interest rate on certain types of financial products, often in the context of variable-rate loans or mortgages. This calculator helps you understand the potential impact of the Pensford rate cap on your financial obligations.
.calculator-container {
font-family: Arial, sans-serif;
max-width: 600px;
margin: 20px auto;
padding: 20px;
border: 1px solid #ddd;
border-radius: 8px;
box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);
}
.calculator-container h1 {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.calculator-form {
display: grid;
grid-template-columns: 1fr;
gap: 15px;
}
.form-group {
display: flex;
flex-direction: column;
}
.form-group label {
margin-bottom: 5px;
font-weight: bold;
color: #555;
}
.form-group input {
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
}
.form-group input:focus {
border-color: #007bff;
outline: none;
}
button {
padding: 12px 20px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
font-size: 16px;
cursor: pointer;
transition: background-color 0.3s ease;
grid-column: 1 / -1; /* Span across all columns if in a grid */
}
button:hover {
background-color: #0056b3;
}
.calculator-result {
margin-top: 25px;
padding: 15px;
background-color: #f9f9f9;
border: 1px solid #eee;
border-radius: 4px;
text-align: center;
font-size: 18px;
color: #333;
}
.calculator-result p {
margin: 5px 0;
}
.calculator-result span {
font-weight: bold;
color: #007bff;
}
function calculatePensfordCap() {
var currentRate = parseFloat(document.getElementById("currentRate").value);
var rateCap = parseFloat(document.getElementById("rateCap").value);
var principalBalance = parseFloat(document.getElementById("principalBalance").value);
var loanTermMonths = parseInt(document.getElementById("loanTermMonths").value);
var paymentFrequency = parseInt(document.getElementById("paymentFrequency").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(currentRate) || isNaN(rateCap) || isNaN(principalBalance) || isNaN(loanTermMonths) || isNaN(paymentFrequency) ||
currentRate < 0 || rateCap < 0 || principalBalance < 0 || loanTermMonths <= 0 || paymentFrequency 0) {
monthlyPayment = principalBalance * (periodicRate * Math.pow(1 + periodicRate, numberOfPayments)) / (Math.pow(1 + periodicRate, numberOfPayments) – 1);
} else {
// If periodic rate is 0, payment is simply principal divided by number of payments
monthlyPayment = principalBalance / numberOfPayments;
}
var totalInterestPaid = (monthlyPayment * numberOfPayments) – principalBalance;
var message = "Based on the Pensford Rate Cap:";
message += "Effective Interest Rate:
" + effectiveRate.toFixed(2) + "%";
message += "Calculated Monthly Payment:
$" + monthlyPayment.toFixed(2) + "";
message += "Estimated Total Interest Paid:
$" + totalInterestPaid.toFixed(2) + "";
if (currentRate > rateCap) {
message += "Your current rate (" + currentRate.toFixed(2) + "%) is above the Pensford rate cap (" + rateCap.toFixed(2) + "%). The cap is limiting your rate.";
} else {
message += "Your current rate is at or below the Pensford rate cap.";
}
resultDiv.innerHTML = message;
}