Loan/Mortgage Calculator

How the Calculator Works

The Loan/Mortgage Calculator helps you determine your monthly payments based on the principal amount, annual interest rate, and loan term. Here's how it works:

• User Inputs:
• Principal Amount: The total amount of the loan or mortgage.
• Annual Interest Rate: The annual interest rate entered as a percentage.
• Number of Years: The duration of the loan or mortgage in years.
• Calculation:
• The JavaScript function calculateLoan() computes the monthly payment using the formula:

M = (P * r) / (1 - (1 + r)^-n)

Where:

• M: The monthly payment.
• P: The principal amount.
• r: The monthly interest rate (annual rate divided by 12).
• n: The total number of payments (years times 12).
• It also calculates the total payment over the life of the loan and the total interest paid.
• Display:
• The results are displayed below the input fields, showing the monthly payment, total payment, and total interest.

Benefits to Users:

• Accurate Payment Estimates: Users can easily calculate their monthly loan or mortgage payments, which helps in budgeting and planning.
• Comprehensive Results: The calculator provides additional information, including total payment and total interest, which helps users understand the full cost of the loan.
• User-Friendly Interface: The clean and straightforward interface makes it easy for users to input their information and get results quickly.