mortgage repayment calculator

This mortgage calculator is simple to use.

Mortgage Repayment Calculator

Mortgage Repayment Calculator

  1. Enter the total loan amount that is borrowed in the field marked “Enter Loan Amount.” It does not account for front-end fees such as loan origination fees.
  2. Enter the loan term in years in the field marked “Enter Loan Term (in years).”
  3. Next, enter the interest rate per annum in the field marked “Enter Annual Interest Rate.”
  4. Click on the “Calculate” button. The calculator will display a result indicating your estimated monthly repayments.

RFQ(Questions and Answers):

  1. Q: What types of mortgages can this calculator be used for?
    A: This calculator can be used for fixed-rate mortgages.

Mortgage repayment calculators are an essential tool for any prospective homeowner. By providing information regarding the principal amount, the loan duration (in years), and the annual interest rate, users can get an accurate projection of their future monthly payments.

The calculator provided here is intended to be user-friendly and easy to implement. Here’s a step-by-step explanation of how it works:

  1. HTML Structure: It begins with the basic building blocks of any web page, HTML tags. There are input tags for users to enter the necessary details: their principal loan amount, loan term, and annual interest rate. There’s also a button with an attached JavaScript method that’s triggered when clicked.

html

<input type="number" id="principal" placeholder="Enter loan amount">
<input type="number" id="years" placeholder="Enter repayment years">
<input type="number" id="rate" placeholder="Enter annual interest rate (%)">
<button class="gradient-button" onclick="calculateMortgage()">Calculate</button>
<p id="result"></p>
  1. JavaScript Method: The onclick method calculateMortgage() calculates the monthly repayments. It begins by retrieving the values entered by the user. The principal amount and rate are straightforward, but the rates have been adjusted to a monthly interest rate (as it is compounded monthly), and the years are converted to months (as payments are made monthly).

js

var principal = parseFloat(document.getElementById("principal").value);
var years = parseFloat(document.getElementById("years").value) * 12;
var rate = parseFloat(document.getElementById("rate").value) / 100 / 12;

It calculates the monthly payment using the mathematical formula for mortgage repayment:

plaintext

M = P [r(1+r)^n] / [(1+r)^n – 1]

Where:

plaintext

M = Monthly repayment
P = Principal loan amount
r = Monthly interest rate
n = Number of payments (months)

js

var x = Math.pow(1 + rate, years);
var monthly = (principal * x * rate) / (x-1);
document.getElementById("result").innerHTML = "Monthly repayment = £" + monthly.toFixed(2);
  1. CSS Styling: Lastly, the gradient effect on the button is achieved through CSS, giving it an appealing, modern look.

css

.gradient-button {
    width: 200px;
    height: 50px;
    color: white;
    background: linear-gradient(to right, red, yellow);
    border: none;
    font-size: 1.2em;
    cursor: pointer;
}

Conclusion: This Mortgage Repayment Calculator serves as a fundamental guide to understanding your monthly payments, allowing users to plan and budget more efficiently. It’s a handy and resourceful tool for your financial planning toolbox, capable of providing invaluable insights into mortgage repayments.

Here are some potential FAQs:

  1. Q: How accurate is the mortgage repayment calculator?
    A: This calculator should provide accurate monthly repayment amounts for any standard fixed-rate mortgage. However, it’s recommended to always consult with a mortgage advisor or bank for the most accurate information.
  2. Q: Can the calculator accommodate changes to the interest rate or repayment period?
    A: Adjustments can be made easily by entering the new values into the input boxes and clicking the ‘Calculate’ button again.
  3. Q: Does the calculator include property taxes, insurance, or private mortgage insurance (PMI)?
    A: No, it strictly computes the principle and interest payment according to the loan amount, repayment period, and interest rate.
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