Mortgage Calculator

Mortgage Calculator

Loan Amount ($): Interest Rate (%): Loan Term (Years): Down Payment ($) (optional): Calculate

Results:

Monthly Payment: $0.00

Total Interest Paid: $0.00

Total Loan Cost: $0.00

function calculateMortgage() { const loanAmount = parseFloat(document.getElementById('loan-amount').value); const interestRate = parseFloat(document.getElementById('interest-rate').value) / 100 / 12; const loanTerm = parseFloat(document.getElementById('loan-term').value) * 12; const downPayment = parseFloat(document.getElementById('down-payment').value) || 0; const principal = loanAmount - downPayment; const monthlyPayment = (principal * interestRate) / (1 - Math.pow(1 + interestRate, -loanTerm)); const totalInterest = (monthlyPayment * loanTerm) - principal; const totalLoanCost = principal + totalInterest; document.getElementById('monthly-payment').innerText = `Monthly Payment: $${monthlyPayment.toFixed(2)}`; document.getElementById('total-interest').innerText = `Total Interest Paid: $${totalInterest.toFixed(2)}`; document.getElementById('total-loan-cost').innerText = `Total Loan Cost: $${totalLoanCost.toFixed(2)}`; }